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Price awaiting a breakout
SILVER Price Analysis – 11 January
If there is strong selling pressure, a lower price breach of $22 would target the $20 and $21 region. If buyers can hold the $22 price level and the $23 resistance level is broken, Silver may rise and test the $24 and $25 resistance levels.
XAGUSD Market
Key Levels:
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Ranging
Silver’s long-term outlook is neutral. The price rose to the $26 barrier mark as buyers gathered momentum. As purchasers stayed at the mentioned level and the bulls increased pressure, the white metal reached its previous high at the $26 barrier level. Yesterday, bears successfully defended the $23 level and generated a solid bearish candle. At the moment, the price is ranging between $23 and $22 levels.
The price of silver is currently above the Hull Suite indicator with a histogram above zero level. The QQE MOD indicators display a neutral signal. If there is strong selling pressure, a lower price breach of $22 would target the $20 and $21 region. If buyers can hold the $22 price level and the $23 resistance level is broken, silver’s price may rise and test the $24 and $25 resistance levels.
XAGUSD Medium-term Trend: Ranging
The XAGUSD 4-hour chart shows ranging movement. At the $22 support level, a pin bar candle pattern signaled the beginning of a bullish reversal. When silver first started to increase, the $23 level was resistance. The sellers kept defending the just-mentioned level, which led to the movement of the price within the $23 and $22 levels.
Silver’s price, which is currently trading around important dynamic resistance levels, indicates that the market is at equilibrium. The QQE MOD indicator is not show a specific direction.
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