Silver Price Turns Lower as Volatility Talks Market
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Silver Price Turns Lower as Volatility Talks Market

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Azeez Mustapha

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Selling momentum struck Silver market

SILVER Price Analysis – 12 February

It may try to go toward the $80–$86 region if it rises above $76 and there is a lot of buying activity. The price of silver may fall and test the $66 and $63 support levels, though, if sellers are able to maintain the price level at $76 and the $71 support is broken.

XAGUSD Market

Key Levels:

Resistance levels: $76, $80, $86

Support levels: $71, $66, $63

XAGUSD Long-term trend: Bearish

Since January 19, when the daily chart displayed a double top formation, the trend has remained bearish. After breaking through the $86 barrier, silver started to decline.

Silver Can Reach the 90s If the Hourly Close Is Above 84

The daily data shows a rise in selling activity since January. Prices have dropped by $76 in the past month due to a lack of consumer demand. Silver began to decline as the bears grew stronger and the purchasing pressure was unable to penetrate the $96 barrier. Bears have been more active over the last two weeks, and the price is getting close to $71 this week. Yesterday’s movement suggests a propensity for retreat.

Silver Price Turns Lower as Volatility Talks Market

Silver’s price is below the Hull Suite forex signals index and has a histogram below zero. One of the best forex signal indicators, the QQE MOD, is currently displaying a negative signal. It may try to go toward the $80–$86 region if it rises above $76 and there is a lot of buying activity. The price of silver may fall and test the $66 and $63 support levels, though, if sellers are able to maintain the price level at $76 and the $71 support is broken.

XAGUSD Medium-term Trend: Bearish

A decreasing trend may be seen on the 4-hour XAGUSD chart. A few days ago, a double top pattern near $86 appeared, indicating a significant change in direction. The first challenge for Silver is the $86 level. The price avoided resistance as it broke past this level. The substantial purchasing power of the sellers has resulted in the reduction of tariffs to $76 per unit.

Silver Price Turns Lower as Volatility Talks Market Silver is currently trading below important dynamic support levels. The QQE MOD is using the selling signal more frequently.

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