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There is a pullback at $23 level
SILVER Price Analysis – 09 November
If buyers can hold the $21 price level and the $22 resistance level is broken, silver’s price may rise and test the $23 and $24 resistance levels. A lower price break of $21 level would aim for the $20 and $19 range with more selling pressure.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bearish
Silver’s long-term outlook is negative. As sellers put more pressure on the white metal, it fell to the previous low at the $20 support level. Bulls defended the previously suggested level by creating a strong bullish engulfing candle. The price climbs and overcomes the resistance level of $21 and $22. Since buyers regained control of the market on October 6, silver prices have been steadily increasing with a target price to $23 level. Last week, sellers prevented further price increases and it is currently declining.
The price of silver is currently trading below the exponential moving averages (EMAs) for the 9 and 21 periods. The relative strength index’s period 14 signal lines are bending downward at point 44. If buyers are able to hold the $21 price level and the $22 resistance level is broken, silver’s price may rise and test the $23 and $24 resistance levels. A lower price break of $21 level would aim for the $20 and $19 range with more selling pressure.
XAGUSD Medium-term Trend: Bearish
The 4-hour XAGUSD chart displays the bearish phase. A bullish “double bottom” reversal pattern appeared on the chart, indicating that silver was set to break through the $23 barrier. White metal prices broke through the $22 threshold as a result of increased demand. Testing and retreating have been done at the $23 resistance level. Price is currently facing a $22 level.
The price of silver, which is currently trading below significant dynamic resistance levels, indicates a negative state of the market. The down-pointing period 14 signal line of the relative strength index is currently at 38. That is the transmission of a sell signal.
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