Sellers may dominate Silver market soon
SILVER Price Analysis – 26 January
When bulls support the $23.43 price level and the $24.33 resistance level is broken, silver’s price may rise, possibly reaching the $24.66 and $25.31 resistance levels. If sellers apply more pressure, Silver price might go as low as $22.93 and $22.15, below the $23.43 support line.
XAGUSD Market
Key Levels:
Resistance levels: $24.33, $24.66, $25.31
Support levels: $23.43, $22.93, $22.15
XAGUSD Long-term trend: Ranging
XAGUSD (Silver) is on the ranging movement on the long-term outlook. Long-term fluctuations can be seen in XAGUSD (Silver) market. The purchases slowed down when silver’s price during the preceding three weeks hit a high of $24.33. It couldn’t pass the level that was previously set. In the same way, the buyers resisted the sellers’ efforts to reduce the price below $23.43, hence it commenced a ranging movement.
White metal’s cost began to fluctuate between $24.33 and $23.43. The 9-period and 21-period EMAs are tied to one another, and the silver price is still moving in close proximity to them. At level 54, the signal lines on the Relative Strength Index period 14 display a nonspecific direction, indicating a ranging signal. When bulls support the $23.43 price level and the $24.33 resistance level is broken, silver’s price may rise, possibly reaching the $24.66 and $25.31 resistance levels. If sellers apply more pressure, the price might go as low as $22.93 and $22.15, below the $23.43 support line.
XAGUSD Medium-term Trend: Ranging
On the 4-hour chart, XAGUSD is in the range-movement phase. Several weeks ago, during a period of strong buyer enthusiasm, Silver rose to the $24.33 barrier level. The bulls defended the prior level, which led to a retest of the $23.95 resistance level.
Since then, the cost has fluctuated, ranging from $24.33 to $23.43. The price of silver is currently hovering over both 9-period and 21-period EMAs. The signal lines on the relative strength index period 14 is at 55 level with no specific market direction.
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