Buyers are exerting pressure on the $24.33 level in the Silver market
SILVER Price Analysis – 02 February
Silver’s price may rise, possibly hitting the $24.66 and $25.31 resistance levels, when bulls back the $23.43 price level and the $24.33 resistance level is breached. The price might drop to as low as $22.93 and $22.15, which would be below the $23.43 support level if sellers exert more pressure.
XAGUSD Market
Key Levels:
Resistance levels: $24.33, $24.66, $25.31
Support levels: $23.43, $22.93, $22.15
XAGUSD Long-term trend: Ranging
XAGUSD (Silver) is on the ranging movement on the long-term outlook. The purchases slowed during the previous three weeks when silver hit a high of $24.33. It was unable to go above the previously set standard. A range movement began when the sellers tried to reduce the price below $23.43 but the buyers balked. Between $24.33 and $23.43, the price of white metal continues to change.
The silver price is still moving in close proximity to the 9-period and 21-period EMAs, which are connected to one another. A bullish signal may be seen at level 59 when the signal lines on the Relative Strength Index period 14 are showing a bullish direction. Silver’s price may rise, possibly hitting the $24.66 and $25.31 resistance levels, when bulls back the $23.43 price level and the $24.33 resistance level is breached. The price might drop to as low as $22.93 and $22.15, which would be below the $23.43 support level if sellers exert more pressure.
XAGUSD Medium-term Trend: Ranging
On the 4-hour chart, XAGUSD is in the range-movement phase. Several weeks ago, Silver reached the $24.33 threshold level during a time of intense buyer euphoria. The previous level was held by the bulls, which prompted a retest of the $23.95 resistance level. At the moment, Silver is trying to break up the resistance level of $24.33.
Since then, the price has changed, fluctuating between $24.33 and $23.43. The 9-period and 21-period EMAs are currently being crossed by the price of silver upside. The relative strength index period 14’s signal lines are at a level of 65 displaying a bullish direction.
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