Silver (XAGUSD) Price Is Retesting $22 Support Level

Azeez Mustapha

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Silver Price may Rebound at $22

SILVER Price Analysis – 14 September

If sellers are able to hold the $23 price level and the $22 support level is breached, silver’s price might decline and test the $21 and $20 support levels. The $24 and $25 price levels would be the targets of a price break higher if buyers increased their pressure, which would cause a breakage of the $23 level.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

The long-term forecast for silver is negative. As sellers increase their pressure, the white metal is moving toward the previous low at the $22 support level. The price gained support on August 15 at $22 and then increased. The $25 resistance level was retested on August 30, but the bulls’ pressure waned. Then, the $24 support level was breached by the silver price. Due to this circumstance, Silver’s price decreased on August 30 to a level of $23. At the moment it is retesting $22 level.

The 9-period and 21-period exponential moving averages are both above the price of white metal, and the fast EMA has crossed below the slow EMA in a downward direction. The relative strength index’s period 14 signal lines are bending downward at 35. If sellers are able to hold the $23 price level and the $22 support level is breached, silver’s price might decline and test the $21 and $20 support levels. The $24 and $25 price levels would be the targets of a price break higher if buyers increased their pressure, which would cause a breakage of the $23 level.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart exhibits a bearish phase. When the bearish reversal “double top” chart pattern was created, Silver began to decline under the $24 level of support. Under pressure from the sellers, the price of white metal has breached the $23 mark. Currently, it is falling close to the $22 support level.

A negative market is currently being indicated by the price of silver, which is currently trading below important dynamic resistance levels. The relative strength index’s period 14 signal line, which is currently at a level of 25, is pointing downward. It is making a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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