Silver Price Bounces Up at $36 Support Level

Buyers oppose sellers at $36 line

SILVER Price Analysis – 08 August

Should the price exceed $38 and a large number of people purchase it, it will attempt to move up into the $39–$40 range. Nevertheless, if merchandisers can maintain the $38 pricing position and the $37 support position is broken, the price of silver might decline and test the $36 and $35 support possibilities.

XAGUSD Market

Key Levels:

Resistance levels: $38, $39, $40

Support levels: $37, $36, $35

XAGUSD Long-term trend: Bullish

The outlook on the daily chart is bullish. Silver recovered from the support level of $35. Buyers appear to have taken the lead in daily chart requests since August 05. Prices increased by $38 over the previous month due to strong consumer demand, but the white essence started to surge as buying remained stable and bulls gained ground. Bears have been more active over the past two weeks, and yesterday buyers persisted in their bullish attempt to confront bears at the previously recommended level. When a double bottom map pattern emerged, the impulse began to move from the $37 hedge to the $38 hedge.

The price of silver has a histogram above zero and is above the Hull Suite forex signals index. The QQE MOD, one of the top forex signal indicators, is showing a positive signal right now. Should the price exceed $38 and a large number of people purchase it, it will attempt to move up into the $39–$40 range. Nevertheless, if merchandisers can maintain the $38 pricing position and the $37 support position is broken, the price of silver might decline and test the $36 and $35 support possibilities.

XAGUSD Medium-term Trend: Bullish

The XAGUSD’s 4-hour chart shows an inclining trend. At around $30 a few weeks ago, a double bottom map pattern emerged, signaling a significant change in course. The first obstacle for Silver is the $32 threshold. It was forbidden to go over the predetermined price arrestment. Due to the guests’ limited purchasing power, prices are currently over $37 per unit.

Silver is currently rising above the significant dynamic support levels. The QQE MOD makes more use of the buying directive.

Start using a world-class auto trading solution

You can purchase Lucky Block here. Buy LBLOCK