Silver (XAGUSD) Price Is Struggling to Break Up $23 Resistance Level

Buyers’ pressure is increasing

SILVER Price Analysis – 16 November

Silver price may rise and test the $24 and $25 resistance levels if buyers can hold the $22 price level and the $23 resistance level is breached. With increased selling pressure, a lower price breach of the $22 barrier would target the $21 and $20 zone.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, 425

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bullish

The long-term picture for silver is bullish. The white metal dropped to the previous low at the $21 support level as sellers increased their pressure on November 13. Bulls created a powerful bullish Pin bar candle to defend the previously recommended level. The price rises and breaks through the $21 and $22 resistance levels.  Silver prices have been rising gradually with a target price of $23. Buyers are struggling to penetrate $23 level.

Silver’s price is presently trading above the 9 and 21-period exponential moving averages (EMAs). At point 60, the period 14 signal lines of the relative strength index are bending upward. Silver’s price may rise and test the $24 and $25 resistance levels if buyers can hold the $22 price level and the $23 resistance level is breached. With increased selling pressure, a lower price breach of the $22 barrier would target the $21 and $20 zone.

XAGUSD Medium-term Trend: Bullish

The bullish phase is seen on the 4-hour XAGUSD chart. The chart displayed a bullish “double bottom” reversal pattern, suggesting that silver is surpassing the $23 mark. Demand for white metal surged to the point where prices crossed $22. The $23 resistance level has been tested and retreated from. Right now, the price is trying to break up $23 level.

Silver’s price, which is presently trading above important dynamic resistance levels, suggests that the market is in a good place. The relative strength index’s up-pointing period 14 signal line is currently at 71. That is a buy signal being transmitted.

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