Silver market receiving more sellers

SILVER Price Analysis – 19 June

It will try to climb up into the $37–$38 range if the price is over $36 and many people are not buying it. However, the price of silver may drop and test the $34 and $33 support possibilities if merchandisers are able to hold onto the $36 pricing position and the $35 support position is broken.

XAGUSD Market

Key Levels:

Resistance levels: $36, $37, $38

Support levels: $35, $34, $33

XAGUSD Long-term trend: Bearish

The daily chart shows a very positive outlook. Since April 24, purchasers seem to have taken the lead in the daily chart request. Prices increased by $33 over the previous month because to strong consumer demand, but the white essence started to surge as buying remained stable and bulls gained ground. Over the last two days, bears have been very active, and yesterday they continued their bearish effort to confront bulls at the level that was previously suggested. The request started to shift from $36 toward the $35 hedge when a double top map pattern appeared.

The price of silver is lower than the Hull Suite forex signals index, and the histogram is below zero. One of the best forex signal indicators, the QQE MOD, is presently displaying a negative signal. It will try to climb up into the $37–$38 range if the price is over $36 and many people are not buying it. However, the price of silver may drop and test the $34 and $33 support possibilities if merchandisers are able to hold onto the $36 pricing position and the $35 support position is broken.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of the XAGUSD indicates a downward trend. Last week, at about $30, a double top map pattern appeared, indicating a major shift in direction. The $32 threshold is Silver’s first challenge. Exceeding the pre-established price arrestment was prohibited. Costs are currently below $36 per unit because of the guests’ low spending power.

At the moment, silver is trading below the important dynamic support levels. The sell directive is used more frequently in the QQE MOD.

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