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Price may reduce below $22 level
SILVER Price Analysis – 04 January
In the event of significant selling pressure, a lower price breach of the $22 barrier would aim for the $21 and $20 zones. Silver may rise and test the $24 and $25 resistance levels if buyers can hold the $22 price level and the $23 resistance level is breached.
XAGUSD Market
Key Levels:
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bearish
The long-term forecast for silver is bearish. When buyers gained traction, the price increased to the $26 resistance level. The white metal rose to its prior high at the $26 barrier level as the bulls applied more pressure and buyers held onto the previously mentioned level. Yesterday, bears formed a strong bearish candle and successfully defended $23 level. The price breaks down past levels of support at $23. Silver is having trouble breaking past the support level of $22.
Right now, the price of silver is lower than the nine and twenty-one-period exponential moving averages (EMAs). At point 39, the period 14 signal lines of the relative strength index are bending downward. In the event of significant selling pressure, a lower price breach of the $22 barrier would aim for the $21 and $20 zones. Silver’s price may rise and test the $24 and $25 resistance levels if buyers can hold the $22 price level and the $23 resistance level is breached.
XAGUSD Medium-term Trend: Bullish
The 4-hour chart of the XAGUSD is exhibiting bullish trends. A pin bar candle pattern near the $22 support level indicated the start of a bullish reversal. The $23 level, which was resistance when silver first began to rise, is now supported. The unanticipated surge in demand caused a $24 increase in the price of white metal. Right present, the price of silver is $24.
The price of silver, which is trading above significant dynamic resistance levels, suggests that the market is currently operating more efficiently. With the signal line at 50, the relative strength index period 14 is pointing upward. That suggests making a buy.
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