Silver (XAGUSD) Price May Retest Previous Low at $22 Support Level

Sellers’ pressure increases on the silver market

SILVER Price Analysis – 03 August

Silver price may rise and test the $26 and $27 resistance levels if buyers are able to hold the $24 price level and the $25 resistance level is breached. If sellers apply more pressure, a violation of the $24 level would result in a downward price break, which might test the $23 and $22 price support levels.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, 427

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is negative. After a protracted bullish trend and the formation of a double-top chart pattern at $25 resistance level, the price of silver penetrated the support level of $25. A bearish reversal chart pattern called a “double top” or level of resistance at $25 was created. Silver is becoming less expensive. It pulled back and retested the $24 mark at the moment. The price decline of today is the result of less in demand.

The white metal is currently trading in a bearish trend below the 9-period and 21-period exponential moving averages, as the fast EMA is crossing the slow EMA downward. The period 14 signal lines of the relative strength index are heading downward at 44. Silver’s price may rise and test the $26 and $27 resistance levels if buyers are able to hold the $24 price level and the $25 resistance level is breached. If sellers apply more pressure, a violation of the $24 level would result in a downward price break, which might test the $23 and $22 price support levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD 4-hour chart shows a bearish phase. The double top, a bearish reversal chart pattern, seems plausible. Silver’s price twice tested to $25 before beginning a sharp fall. The $24 barrier levels from earlier served as support levels as sellers gained impetus. As we approach closer to $23 level than we did last week. The price is currently testing the $23 level, which was the previous low.

Since the price of silver is currently trading below important dynamic resistance levels, a bearish market is in place. At a level of 63, the relative strength index period 14 signal line is pointing downward, indicating a sell.

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