Silver (XAGUSD) Price Tests $23 Resistance Level Thrice

There may be a pullback at $23 level

SILVER Price Analysis – 01 November

Silver’s price may rise and test the $24 and $25 resistance levels if buyers are able to hold the $22 price level and the $23 resistance level is breached. With increased selling pressure, the $21 and $20 range would be the targets of a lower price break.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is promising. The white metal declined to the previous low at the $20 support level as sellers increased their pressure on it. Bulls created a powerful bullish engulfing candle to defend the level that was previously indicated. The price rises and breaks through the $21 resistance mark.  With a target price of $23, silver prices have been rising gradually since buyers took control of the market on October 6.

The exponential moving averages (EMAs) for the 9 and 21 periods are currently being traded above by the price of silver. At point 54, the period 14 signal lines of the relative strength index are bending upward. Silver’s price may rise and test the $24 and $25 resistance levels if buyers are able to hold the $22 price level and the $23 resistance level is breached. With increased selling pressure, the $21 and $20 range would be the targets of a lower price break.

XAGUSD Medium-term Trend: Bullish

The bullish phase is seen on the 4-hour XAGUSD chart. The chart displayed a bullish “double bottom” reversal pattern, suggesting that silver was about to surpass the $23 barrier level. Due to rising demand, the price of white metal broke up $22 level. The $23 resistance level has been tested and pulled back.

Silver’s price, which is presently trading above important dynamic resistance levels, suggests that the market is positive. The relative strength index’s up-pointing period 14 signal line is currently at 53. That is a purchase signal being sent out.

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