Silver (XAGUSD) Price May Not Breakdown $20 Support Level

Silver Price may reverse at $20 level

SILVER Price Analysis – 05 October

Silver’s price might fall and test the $19 and $18 support levels if sellers can hold the $21 price level and the $20 support level is breached. If buyers applied more pressure, the $21 level would be shattered. A price break higher would have as its goals the $22 and $23 price levels.

XAGUSD Market

Key Levels:

Resistance levels: $21, $22, $23

Support levels: $20, $19, $18

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is negative. The white metal is heading toward its previous low at the $20 support level as sellers apply further pressure. The price stabilized at $22 on August 15 and thereafter rose. On August 30, the $25 threshold was once again pushed, despite less encouraging momentum. The price of silver then broke through the $23 support level. As a result, on 02 October, Silver’s price hit a low of $21. Currently, the $20 level is being tested.

The price of white metal is trading below the exponential moving averages (EMA) of 9 and 21 periods, and the fast EMA has fallen by passing below the slow EMA. The period 14 signal lines of the relative strength index are bending downward at 25. Silver’s price might fall and test the $19 and $18 support levels if sellers can hold the $21 price level and the $20 support level is breached. If buyers applied more pressure, the $21 level would be shattered. A price break higher would have as its goals the $22 and $23 price levels.

XAGUSD Medium-term Trend: Bearish

The bearish phase is seen on the 4-hour XAGUSD chart. A bearish reversal chart pattern known as a “double top” indicated the start of silver’s drop below the $22 level of support. Silver has surpassed $21 due to sellers’ pressure. The support level of $20 has been tested and has failed at that point currently ranging.

A negative market is indicated by the price of silver, which is currently trading below important dynamic resistance levels. The relative strength index’s down-pointing period 14 signal line is currently at a level of 33. It is sending out a sell signal

You can purchase Lucky Block here. Buy LBLOCK

[xyz-ihs snippet="Markets"]