Annual Forecast for Silver (2022)
When the bulls break up $23 price level, it may result to price increase to $24 and $25 resistance levels. Below the current price are the support levels at $22, $21 and $20.
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bearish
On the weekly chart, XAGUSD (Silver) is bearish. The price of Silver increased to the resistance level of $28 last year in the Month of May. The bears took over the market the following month with the formation of bearish weekly candle. The price fell to the support level of $21 which happen to be the low price level for Silver last year. The scenario took place in September. The price bounced up to test the resistance level of $25. At the moment, the price is trying to form a “W” chart pattern which is a bullish pattern.
There is a decrease in bearish momentum as the Silver price is trading below the 9 periods EMA and the 21 periods EMA at close contact. The relative strength index period 14 is above 40 levels with the signal lines pointing upside to connote buy signaling. When the bulls break up $23 price level, it may result to price increase to $24 and $25 resistance levels. Below the current price are the support levels at $22, $21 and $20.
XAGUSD Medium-term Trend: Bullish
XAGUSD is bullish on the daily chart. The white metal is forming a “W” chart pattern on the daily chart. The double bottom chart pattern is a bullish chart pattern which indicate that bulls are ready to push the price upside. The price is currently above the $22 support level. It is heading towards the resistance level of $23.
The Silver price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 50 levels with the signal lines pointing down to indicate sell signal which may be a pullback.