Silver Price: Buyers Confront Sellers at $31 Level

Silver piece mau reach $34 position

SILVER Price Analysis – 22 May

It will try to climb up into the $34–$35 range if the price is greater than $33 and many people are buying it. The price of silver might drop and test the $30 and $29 support scenarios, though, if merchandisers are able to hold onto the $32 pricing position and the $30 support position is broken.

XAGUSD Market

Key Levels:

Resistance levels: $33, $34, $35

Support levels: $32, $30, $29

XAGUSD Long-term trend: Bullish

The daily chart indicates a negative outlook. Since April 24, the daily chart request seemed to be dominated by sellers. Prices increased by $32 over the previous month due to strong customer demand, but the white essence started to decline when selling remained at the position and bears gained traction. Since the last two days, bears have been very active, and yesterday, their bearish effort continued to confront bulls at the aforementioned level. The request started to shift from $32 toward the $30 hedge when a double bottom map pattern appeared.

The price of silver is below the Hull Suite forex signals index, and the histogram is below zero. One of the best forex signal indicators, the QQE MOD, is currently displaying a negative signal. It will try to climb up into the $34–$35 range if the price is greater than $33 and many people are buying it. The price of silver might drop and test the $30 and $29 support scenarios, though, if merchandisers are able to hold onto the $32 pricing position and the $30 support position is broken.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of the XAGUSD indicates an inclining trend. Last week, at about $32, a double bottom 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. The guests’ significant purchasing power has resulted in prices currently hovering around $33 per unit.

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

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