Silver Price: Double Bottom Chart Pattern at $50 Level

Bullish momentum may continue

SILVER Price Analysis – 27 November

It will try to rise up into the $55–$57 zone if the price is higher than $54 and many people buy it. The price of silver may drop and test the $46 and $47 support levels if merchandisers are successful in maintaining the $54 pricing posture and the $50 support position is breached.

XAGUSD Market

Key Levels:

Resistance levels: $54, $55. $57

Support levels: $50, $46, $47

XAGUSD Long-term trend: Bullish

A bearish trend is beginning to emerge on the daily chart. Silver began to fall after hitting the $54 barrier level. Since August 5, buyers seem to have dominated daily chart requests. Strong consumer demand caused prices to rise by $54 over the previous month, but as bulls gained momentum and buying remained steady, white essence began to soar. Over the last two weeks, bulls have become more aggressive, and they tested at $54 last week. This is the second test in the previously described level. It’s a downturn today. The impulse started to shift from the $54 hedge to the $50 hedge when a double top map pattern appeared.

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 will try to rise up into the $55–$57 zone if the price is higher than $54 and many people buy it. The price of silver may drop and test the $46 and $47 support levels if merchandisers are successful in maintaining the $54 pricing posture and the $50 support position is breached.

 

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of the XAGUSD indicates an inclining trend. A few days ago, a double bottom map pattern appeared around about $50, indicating a significant change in direction. The $45 threshold is Silver’s first challenge. If the set price was surpassed, arrestment was prohibited. The rates have been increased towards $54 per unit due of the guests’ good purchasing power.

At the moment, silver is inclining above important dynamic support levels. The buy directive is more frequently used by the QQE MOD.

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