Silver (XAGUSD) Price Is Targeting Previous Low at $21 Level

Bears’ momentum is increasing in Silver market

SILVER Price Analysis – 01 February

Should significant selling pressure be present, a lower price breach of $22 would target the $21–$20 range. 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.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

The long-term picture for silver is bleak. The price increased to the $26 barrier as buyer demand increased. The white metal hit its previous high at the $26 barrier level when purchasers held onto the previously mentioned level and the bulls strengthened their pressure, opposing the sellers’ pressure. Bears were able to push the price down to $21 few days ago. A strong bullish candle was formed and the price pulled back to retest $23 level.

With a histogram below zero, the price of silver is presently testing the Hull Suite signal. There is a negative signal displayed by the QQE MOD forex signal indicators. Should significant selling pressure be present, a lower price breach of $22 would target the $21–$20 range. 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.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of XAGUSD is showing bearish behavior. A bearish engulfing candle pattern near the $24 barrier level indicated a negative reversal. The $24 mark was a barrier when silver was initially beginning to rise.  The price dropped to the $22 level as a result of the sellers’ tenacious defense of the previously indicated level. Last week, the price pulled back to retest $22 level. At the moment, the white metal is facing a previous low level at $21.

A fall in the market is indicated by the silver price, which is presently trading below significant dynamic resistance levels. The sell direction is shown by the QQE MOD.

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