Silver (XAGUSD) Price May Decline Further After a Retracement

 Sellers’ momentum is increasing in the Silver market

SILVER Price Analysis – 15 June

The price resistance levels of $25 and $26 may be tested if demand rises once the $24 level is breached higher. If sellers are able to hold the $24 price level and the $23 support level is breached, silver’s price might decline and test the $22 and $21 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bearish

The long-term forecast for silver is negative. The double-top chart pattern that appeared at $25 is mostly responsible for the beginning of a downward trend. The cost of white metal increased above that cap, from $19 to $23. More bearish candles have formed since May 5, and the silver market has been dominated by sellers. As the price declines toward the low support level of $23, the buyers are attempting to limit their losses. Price retracements are inevitable in a trending market; last week, it did so to retest $24 resistance level.

While the fast EMA is crossing the slow EMA downward, white metal is trading in a bearish trend below the 9-period and 21-period exponential moving averages. The relative strength index period 14 signal lines pointing down at 43 imply a selling setting. The price resistance levels of $25 and $26 may be tested if demand rises once the $24 level is breached higher. If sellers are able to hold the $24 price level and the $23 support level is breached, silver’s price might decline and test the $22 and $21 support levels.

XAGUSD Medium-term Trend: Bearish

On the 4-hour chart, XAGUSD is in a negative phase. At the $26 resistance level, the double-top bearish reversal chart pattern is formed. The price of white metal rapidly started to decline after twice reaching a high of $26. As sellers gained greater momentum, the previous support levels of $24 and $23 changed into levels of resistance. It is retreating from the current support level of $23.

A bearish market is present since the price of silver is trading below dynamic support levels. The relative strength index period 14 signal line is going downward at a level of 57, signaling a sell.

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