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Buyers’ momentum is increasing in Silver market
SILVER Price Analysis – 08 June
Once the $23 level is broken upward, the price resistance levels of $24 and $25 may be tested as demand increases. Silver may fall and test the $21 and $20 support levels if sellers are able to hold the $23 price level and the $22 support level is breached.
XAGUSD Market
Key Levels:
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bearish
Silver’s long-term outlook is bearish. The start of a downward trend is mostly attributed to the double-top chart pattern that formed at $25. The price of white metal exceeded that limit, rising from $19 to $23. Since May 5th, sellers have been in charge of the silver market, and more bearish candles have been formed. The purchasers are resisting the loss as the price drops near the low support level of $23. In a market that is trending, price retracement is inevitable; it pulled back last week to retest the dynamic resistance level.
The white metal is trading between the 9-period and 21-period exponential moving averages, indicating a bullish trend, while the fast EMA is crossing the slow EMA upward. A buying setting is indicated by the relative strength index period 14 signal lines that are pointing up at 48. Once the $23 level is broken upward, the price resistance levels of $24 and $25 may be tested as demand increases. Silver’s price may fall and test the $21 and $20 support levels if sellers are able to hold the $23 price level and the $22 support level is breached.
XAGUSD Medium-term Trend: Bullish
On the 4-hour chart, XAGUSD is in a positive phase. The double-top bearish reversal chart pattern is created at the $26 resistance level. After twice reaching a high of $26, the price of white metal quickly began to fall. The prior support levels of $24 and $23 turned became levels of resistance as sellers gained more traction. At the present support level of $23, it is retreating.
A bullish market is present since the price of silver is trading above dynamic support levels. The relative strength index’s period 14 signal line is going upward at a level of 57, signaling a buy.
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