Sellers may continue dominating the Silver market
SILVER Price Analysis – 16 February
Silver Price might drop as low as $20.45 and $19.41, which would be below the $21.25 support level if sellers apply more pressure. Silver’s price may rise and challenge the $22.18 and $22.91 resistance levels when bulls retain the $21.25 price level and the $21.74 resistance level is broken.
XAGUSD Market
Key Levels:
Resistance levels: $21.74, $22.18, $22.91
Support levels: $21.25, $20.45, $19.41
XAGUSD Long-term trend: Bearish
XAGUSD (Silver) is bearish on the long-term outlook. When silver reached a peak price of $24.33. The bears held the specified level, preventing it from rising above it. Between $24.33 and $23.43, a range movement started and continued for more than a week. Strong daily bearish candles were generated on February 2 as sellers applied extra pressure. The $22.91, $22.18, and $21.74 levels were breached downward to challenge the $21.25 support level.
The 9-period and 21-period EMAs are separated from one another, and white metal is trading below the two EMAs. When the signal lines on the Relative Strength Index period 14 are pointing downward, a bearish indication may be noticed at level 34. Price might drop as low as $20.45 and $19.41, which would be below the $21.25 support level, if sellers apply more pressure. Silver’s price may rise and challenge the $22.18 and $22.91 resistance levels when bulls retain the $21.25 price level and the $21.74 resistance level is broken.
XAGUSD Medium-term Trend: Bearish
XAGUSD is in a bearish phase on the 4-hour chart. The white metal was on the ranging movement last week within $22.91 and $22.18 levels. The sellers’ momentum increased, and the price declined and break down the support levels of $22.18 and $21.74. White metal declining further and may continue.
Silver is currently attempting to overcome the dynamic resistance levels. The 9-period is trying to cross the 21-period EMAs upside to establishing a bullish movement. The relative strength index period 14’s signal lines are at a level of 43 displaying a bullish direction.
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