Silver (XAGUSD) Price: Sellers Are Defending $24 Resistance Level

Buyers’ pressure is decreasing

SILVER Price Analysis – 23 November

If buyers are able to hold the $23 price level and the $24 resistance level is broken, silver’s price may rise and test the $25 and $26 resistance levels. A lower price breach of the $23 barrier would aim for the $22 and $21 region with more selling pressure.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is positive. The white metal fell to its previous low on November 13 at the $21 support level as sellers applied more pressure. Bulls defended the previously advised level by forming a strong bullish Pin bar candle. The resistance levels at $21, $22 and $23 are breached by the rising price.  The price of silver has been steadily increasing, with a target of $24. It’s difficult for buyers to break beyond the $24 mark.

 

Right now, the price of silver is above the exponential moving averages (EMAs) with periods of nine and twenty-one. The relative strength index’s period 14 signal lines are bending upward at point 60. If buyers are able to hold the $23 price level and the $24 resistance level is broken, silver’s price may rise and test the $25 and $26 resistance levels. A lower price breach of the $23 barrier would aim for the $22 and $21 region with more selling pressure.

XAGUSD Medium-term Trend: Bullish

The 4-hour XAGUSD chart displays a bullish phase. A bullish “double bottom” reversal pattern was shown on the chart, indicating that silver may be rising over $23. White metal prices broke $22 due to a sharp increase in demand. We have challenged and pulled back from the $23 resistance level. At the moment, pricing has breached the $23 mark.

 

The current price of silver, which is trading above significant dynamic resistance levels, indicates that the market is doing well. The up-pointing period 14 signal line of the relative strength index is currently at 52. That signaling buy.

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