Silver (XAGUSD) Price May Commence a Bullish Trend

Sellers’ momentum is decreasing in Silver market

SILVER Price Analysis – 25 January

If strong selling pressure exists, a lower price breach of $21 would aim for the $20–$19 region. If buyers can hold the $21 price level and the $22 resistance level is broken, silver’s price may rise and test the $23 and $24 resistance levels.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $20, $19

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is negative. When buyer demand grew, the price rose to the $26 barrier. When buyers stayed at the previously mentioned level and the bulls increased their pressure, the white metal reached its previous high at the $26 barrier level and was opposed by the sellers’ pressure. Last week, bears managed to move the price to $21 level and generated a powerful bullish candle. Right now, the price is pulling back towards the $23 resistance level.

The price of silver is currently testing the Hull Suite signal, with a histogram below zero. The QQE MOD is one of the best forex signal indicators displaying a negative signal. If strong selling pressure exists, a lower price breach of $21 would aim for the $20–$19 region. If buyers can hold the $21 price level and the $22 resistance level is broken, silver’s price may rise and test the $23 and $24 resistance levels.

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart is behaving bullishly. A bullish reversal was signaled by a bullish engulfing candle pattern close to the $21 barrier level. When silver was first starting to decline, the $21 level served as a barrier.  The buyers’ persistent defense of the previously mentioned level caused the price to increase above the $22 level. The white metal is currently pushing near the $23 mark.

The silver price, currently trading above important dynamic resistance levels, indicates an increase in the market. The QQE MOD is displaying the buy direction.

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