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Sellers dominate Silver market
SILVER Price Analysis – 18 January
The $20–$21 area would be the objective of a lower price breach of $22, if there is significant selling pressure. Silver’s price may rise and test the $23 and $24 resistance levels if buyers can hold the $21 price level and the $22 resistance level is breached.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bearish
The long-term forecast for silver is bearish. The price increased to the $26 barrier as demand from buyers increased. The white metal hit its prior high at the $26 barrier level as buyers held onto the previously mentioned level and the bulls applied more pressure. Bears were able to hold the $23 mark yesterday and produced a strong bearish candle. The price is currently declining towards the support level of $21.
With a histogram below zero, the price of silver is currently below the Hull Suite signal. The QQE MOD indicators are showing a bearish signal. The $20–$21 area would be the objective of a lower price breach of $22, if there is significant selling pressure. Silver’s price may rise and test the $23 and $24 resistance levels if buyers can hold the $21 price level and the $22 resistance level is breached.
XAGUSD Medium-term Trend: Bearish
The 4-hour chart of XAGUSD exhibits bearish behavior. An inverted pin bar candle pattern near the $23 resistance level indicated the start of a bearish reversal. The $23 level was resistance when silver was first beginning to fall. The price moved between the $23 and $22 levels as a result of the sellers’ continued defense of the previously indicated level. At the moment, the white metal is pressing towards $21 level.
The price of silver, which is presently trading below significant dynamic resistance levels, suggests that the market is fallen. The direction displayed by the QQE MOD is sell.
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