Silver (XAGUSD) Price May Change Direction at $23 Resistance Level

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Silver price bounces off the $23 resistance level

SILVER Price Analysis – 15 December

Silver price may increase when the Bulls’ momentum becomes strong and the price may break up the $23 resistance level, the price may find the next barrier level at $24 and $25 levels. The ability to break down $22 price level by the sellers may decrease the price further to $21 and $20 levels.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

 

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. The buyers are still dominating the white metal market. The bullish trend started when the double-bottom chart pattern formed four weeks ago. Silver broke up the resistance levels of $20, and pulled back, Bulls gained more power again and pushed the price to break up $22 levels. The white metal tested the high of $23 on 14 December.

Today, sellers dominate the market, and the price decreases. However, the Silver price remains above the 9-periods EMA and the 21-period EMA. The Relative Strength Index period 14 is at 59 levels with the signal lines pointing downside to connote sell signaling. The ability to break down the $22 price level by the sellers may decrease the price further to $21 and $20 levels. Silver price may increase when the Bulls’ momentum becomes strong and the price may break up the $23 resistance level, the price may find the next barrier level at $24 and $25 levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD is bearish on the daily chart. The bullish trend that commenced four weeks ago made the price to test the resistance level of $23 on 14 December. Today, sellers dominate the market, also, a bearish engulfing candle formed, which triggers a bearish movement.     The Silver price is trading below the 9-periods EMA and 21-periods EMA. The relative strength index period 14 is at 44 levels with the signal lines pointing down to indicate sell signal.

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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.