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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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