Sellers may continue dominating Silver market
SILVER Price Analysis – 23 February
When sellers exert more pressure, Silver might go as low as $20.45 and $19.41, which would be below the $21.25 support line. In case bulls hold the $21.25 price level and the $21.74 resistance level is broken, silver’s price may increase and test the $22.18 and $22.91 resistance levels.
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’s price peaked at $24.33.The level was held by the bears, which kept it from rising higher. For more than a week, a range movement occurred between $24.33 and $23.43. On February 2, when sellers put more pressure on the market, large daily bearish candles were produced. In order to test the $21.25 support level, the $22.91, $22.18, and $21.74 levels were breached downward.
The white metal is trading below the 9-period and 21-period EMAs, and the fast is crossing the slow EMA downside as evidence of bearish movement. A bearish hint may be seen at level 42 when the signal lines on the Relative Strength Index period 14 are pointing downward. When sellers exert more pressure, the price might go as low as $20.45 and $19.41, below the $21.25 support line. If bulls hold the $21.25 price level and the $21.74 resistance level is broken, silver’s price may increase and test the $22.18 and $22.91 resistance levels.
XAGUSD Medium-term Trend: Bearish
XAGUSD is in a bearish phase on the 4-hour chart. Last week, the price of white metal fluctuated between $22.91 and $22.18. As the impetus of the sellers grew, the price fell and breached the $22.18 and $21.74 support level was tested. The white metal is still deteriorating and could get worse.
The dynamic resistance levels are being attempted to be surpassed by silver right now. To continue a bearish trend, the 9-period is trying to cross below the 21-period EMAs downside. The signal line for period 14 of the relative strength index is at a level of 47, indicating a bearish trend.
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