Silver (XAGUSD) Price May Experience a Bearish Reversal at $26 Level

Buyers’ momentum is decreasing in Silver market

SILVER Price Analysis – 20 April

When buyers exert more pressure, price resistance levels of $25, $26, and $27 can be tested. If bears are able to hold the $25 price level and the $24 support level is breached, silver’s price might decline and test the $23 and $22 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bullish

XAGUSD (Silver) is bullish on the long-term outlook. The bulls propelled the price up a few weeks ago when the white metal’s price increased from $19 on March 9 to $23 barrier level. A bullish engulfing candle appeared, which started the bullish momentum. On March 14, as buyers strengthened their market pressure, large daily bullish candles were produced. The price aimed and tested $26 level after breaking above the $24 resistance level on April 4th. Sellers gained strength on April 14 and pull back the metal to test $24 level. At the moment, bulls are returning and the price is increasing toward the previous high.

The fast EMA has crossed over the slow EMA to the upside, indicating hopeful movement and white metal is still trading above its 9-period and 21-period exponential moving averages. A selling setup is indicated by the relative strength index period 14 signal lines that are pointing down at 67. When buyers exert more pressure, price resistance levels of $25, $26, and $27 can be tested. If bears are able to hold the $25 price level and the $24 support level is breached, silver’s price might decline and test the $23 and $22 support levels.

XAGUSD Medium-term Trend: Bullish

XAGUSD is in a bullish phase on the 4-hour chart. The price of white metal began to drop a few weeks after peaking at $26 on 14 April. The price dropped and found support at $25 as the sellers’ wrath increased. As the buyers clung to the indicated level, the white metal increased. More pressure from the purchasers may cause the price to retest $26 level.

The price of silver is currently trading above the dynamic support levels. The 9-period has crossed the upside boundary of the 21-period EMA, signifying a bullish trend. The period 14 signal line for the relative strength index is heading up at a level of 52, indicating a buy.

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