Silver (XAGUSD) Price May Retest Previous Low at $21 Level

Sellers are dominating Silver market

SILVER Price Analysis – 08 February

If there is a lot of selling pressure, a lower price breach of $21 would aim for the $20 to $19 region. If buyers can hold the $21 price level and the $22 resistance level is broken, silver’s price may rise and test the $23 and $24 resistance levels.

XAGUSD Market

Key Levels:

Resistance levels: $22, $23, $24

Support levels: $21, $20, $19

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. As buyer demand grew, the price rose to the $26 barrier. When buyers remained on the aforementioned level and the bulls increased their pressure against the sellers’ push, the white metal reached its prior high at the $26 barrier level. A few days ago, bears were able to drive the price down to $21. After a robust bullish candle developed, the price inclined to retest the $23 level. Last week, sellers dominated the market and the price is facing $21 level.

The price of silver is currently trading below the Hull Suite signal, as indicated by a histogram below zero. The QQE MOD the best forex signal indicators are showing a bearish signal. If there is a lot of selling pressure, a lower price breach of $21 would aim for the $20 to $19 region. If buyers can hold the $21 price level and the $22 resistance level is broken, silver’s price may rise and test the $23 and $24 resistance levels.

XAGUSD Medium-term Trend: Bearish

The XAGUSD 4-hour chart is behaving bearishly. A negative reversal was signaled by a bearish engulfing candle pattern close to the $24 barrier level. When silver was first starting to increase, $24 was a barrier.  The sellers’ resolute defense of the previously mentioned level caused the price to plummet to the $22 level. The price declined last week to retest the $22 mark. The white metal is currently trading at a historical low of $21.

The silver price, which is currently trading below important dynamic resistance levels, is a harbinger of a down market. The QQE MOD indicates the sell direction.

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