Silver (XAGUSD) Price May Retest $25 Level and Reverse

Sellers may oppose buyers at $25 level

SILVER Price Analysis – 14 March

In the event that the market is under significant buying pressure,Silver breach of $25 would target the $26–27 range. Silver’s price may drop and test the $23 and $22 support levels if sellers are able to maintain the $24 price level and the $24 support level is broken.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is positive. Last year, the price broke through the $25 mark as buyer demand increased. When buyers held onto the previously mentioned level and bulls boosted pressure to thwart sellers’ attempts, the white metal hit its prior high at the $26 barrier level. Bears were able to lower the price to $21 at the start of this year. Now that a large bullish candle has formed, the price is moving back toward its prior high. The market was dominated by buyers last week, and the price is now approaching $25 mark.

A histogram above zero shows that the silver price is currently trading above the Hull Suite signals. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. In the event that the market is under significant buying pressure, a price breach of $25 would target the $26–27 range. Silver’s price may drop and test the $23 and $22 support levels if sellers can maintain the $24 price level and the $24 support level is broken.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of XAGUSD shows an upward trend. A bullish engulfing candle formation signaled a robust turnaround close to the $21 barrier level. $22 level is the first obstacle to silver’s ascent.  The price rose above $23 due to the buyers’ steadfast adherence to the previously agreed-upon amount. Today, the price increased to almost $24. Right now, the white metal is trading above $24.

As of right now, the price of silver is rising and is trading above significant dynamic resistance levels. The QQE MOD indicates the buy direction.

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