Silver (XAGUSD) Price May Break Up $24 Resistance Level

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Silver price heading towards north

SILVER Price Analysis – 29 December

More selling pressure will lower the price below the $22 support level and might cause it to go as low as $21 and $20. When bulls defend the $22 price level, silver’s price may rise and break through the $23 resistance level, which might push silver to the $24 and $25 barrier levels.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bullish

On the long term, the silver price is bullish according to XAGUSD daily chart. Prior to two weeks ago, when the price retraced to retest the dynamic support levels, silver price closed below the $22 mark. On December 20, the resistance level of $22 was broken to test the resistance level of $23, as the buyers increased their pressure. Currently, the level that was just indicated is being defended by the sellers. Likewise, the $22 mark is being defended by the buyers.

The market is currently dominated by buyers, and prices are increasing. Silver’s price is still above both the 9- and 21-period exponential moving averages. The signal line on the Relative Strength Index period 14 is heading upward, signifying a buy signal, and the index is at 60 levels. More selling pressure will lower the price below the $22 support level and might cause it to go as low as $21 and $20. When bulls defend the $22 price level, silver’s price may rise and break through the $23 resistance level, which might push silver to the $24 and $25 barrier levels.

XAGUSD Medium-term Trend: Bullish

On the daily chart, the XAGUSD is positive. Under the influence of purchasers’ pressure, the metal rose last week. On December 14th, the $23 resistance level was put to the test. It retreated and tried the $22 pricing point. Last week, buyers gained further traction, driving prices up to retest the previous high of $23. It is currently struggling to break up the $24 price level.

The price of silver is currently trading above both the 9-period and 21-period EMAs. The signal line on the relative strength index period 14 are pointing upward to indicate a buy signal at 57 levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.