Silver Price: Bulls Overcoming Sellers at $31 Level

Silver price may go higher

SILVER Price Analysis – 29 May

If the price is higher than $33 and a lot of people are purchasing it, it will attempt to move up into the $34–$35 zone. However, if merchandisers can maintain the $32 pricing position and the $30 support position is broken, the price of silver may decline and test the $30 and $29 support scenarios.

XAGUSD Market

Key Levels:

Resistance levels: $33, $34, $35

Support levels: $32, $30, $29

XAGUSD Long-term trend: Bullish

The outlook is bleak, according to the daily chart. The daily chart request appeared to be dominated by buyers since April 24. Strong consumer demand caused prices to rise by $32 over the previous month, but as buying held steady and bulls gained ground, the white essence began to rise. Bulls have been extremely active over the past two days, and yesterday they persisted in their bullish endeavor to challenge bears at the previously indicated level. When a double bottom map pattern emerged, the request began to move from $32 toward the $33 hedge.

The histogram is above zero, and the price of silver is above the Hull Suite forex signals index. The QQE MOD, one of the top forex signal indicators, is currently showing a positive signal. If the price is higher than $33 and a lot of people are purchasing it, it will attempt to move up into the $34–$35 zone. However, if merchandisers can maintain the $32 pricing position and the $30 support position is broken, the price of silver may decline and test the $30 and $29 support scenarios.

XAGUSD Medium-term Trend: Bullish

The XAGUSD’s 4-hour chart shows an upward trajectory. A double bottom map pattern emerged last week at around $30, signaling a significant change in direction. The first obstacle for Silver is the $32 threshold. It was forbidden to go over the predetermined price arrestment. Prices are currently around $33 per unit due to the guests’ considerable spending power.

Silver is currently trading above the significant dynamic support levels. The QQE MOD makes greater use of the purchasing directive.

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