Silver (XAGUSD) Price May Increase Provided $22.18 Support Level Holds

Sellers may defend $22.18 level in  Silver market

SILVER Price Analysis – 09 February

In case sellers increase their pressure, Silver might go as low as $21.74 and $21.25, which would be below the $22.18 support level. When the bulls back the $22.18 price level and the $22.91 resistance level is breached, silver’s price may increase and may test the $23.43 and $23.95 resistance levels.

XAGUSD Market

Key Levels:

Resistance levels: $22.91, $23.43, $23.95

Support levels: $22.18, $21.74, $21.25

XAGUSD Long-term trend: Bearish

XAGUSD (Silver) is bearish on the long-term outlook. When silver hit a high of $24.33. The bears defended the mentioned level and it was unable to go above it. A range movement began between $24.33 and $23.43 which last for more than one week. On 02 February, sellers gained more pressure and strong daily bearish candles were produced. The $23.43 and $22.91 level was broken downside to test the support level of $22.18.

The silver price is trading below the 9-period and 21-period EMAs, which are distant from one another. A bullish signal may be seen at level 38 when the signal lines on the Relative Strength Index period 14 are showing a bullish direction. In case sellers increase their pressure, the price might go as low as $21.74 and $21.25, which would be below the $22.18 support level. When the bulls back the $22.18 price level and the $22.91 resistance level is breached, silver’s price may increase and may test the $23.43 and $23.95 resistance levels.

XAGUSD Medium-term Trend: Ranging

XAGUSD is in the range-movement phase on the 4-hour chart. During a period of high buyer enthusiasm a few weeks ago, Silver tested the $24.66 threshold level. Bulls could not retain their level, when sellers’ momentum increased, the price declined and found support at $22.18 level. The white metal is ranging at the just mentioned level.

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 44 displaying a bullish direction.

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