Silver (XAGUSD) Price May Experience Bearish Reversal at $22 Support Level

Sellers’ pressure decreases on the silver market

SILVER Price Analysis – 10 August

When buyers are able to hold the $22 Silver level and the $23 resistance level is broken, silver’s price may increase and test the $24 and $25 resistance levels. In the event that sellers increase their pressure, a breach of the $22 level would result in a price break downward, which would target the $21 and $20 price support levels.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is negative. The price of silver breached the $25 support level following a protracted bullish trend and the development of a double-top chart pattern at the $25 resistance level. At $25, a level of resistance known as a “double top” or bearish reversal chart pattern was established. The cost of silver is decreasing. Currently, it retested the $22 level after pulling back. More demand today is the cause of the price inclination.

As the fast EMA is crossing the slow EMA downward, white metal is currently trading in a bearish trend below the 9-period and 21-period exponential moving averages. At 37, the relative strength index’s period 14 signal lines are bending up. If buyers are able to hold the $22 price level and the $23 resistance level is broken, silver’s price may increase and test the $24 and $25 resistance levels. In the event that sellers increase their pressure, a breach of the $22 level would result in a price break downward, which would target the $21 and $20 price support levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD 4-hour chart shows a bearish phase. A bearish reversal chart pattern called the double top appears likely. Prior to starting a steep decline, the price of white metal twice challenged the $25 mark. As sellers gathered momentum, the prior $24 barrier levels served as support levels. As opposed to the previous week, we are getting closer to the $23 level now. The previous low, $22, is being tested by the price right now.

A negative market is present since the price of silver is currently trading beneath significant dynamic resistance levels. The relative strength index period 14 signal line is pointing upward at a level of 38, signaling a buy.

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