Silver Price: Double Top Chart Pattern at $54 Line

Bearish trend may commence soon

SILVER Price Analysis – 20 November

If the price is more than $54 and a lot of people purchase it, it will attempt to move up into the $55–$57 range. If merchandisers are successful in upholding the $54 pricing posture and the $50 support position is broken, the price of silver may decline and test the $46 and $47 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $54, $55. $57

Support levels: $50, $46, $47

XAGUSD Long-term trend: Bearish

The daily chart displays commencement of a bearish trend. After reaching the $54 resistance level, silver started to decline. Buyers appear to have dominated daily chart requests since August 5. Prices increased by $54 over the previous month due to strong consumer demand, but white essence started to skyrocket as buying remained stable and bulls gained momentum. Bulls have been more aggressive over the past two weeks, and last week saw a test at $54. The aforementioned level is being tested for the second time. Today is a pullback. When a double top map pattern emerged, the impulse began to move from the $54 hedge towards the $50 hedge.

The price of silver has a histogram below zero and is lower than the Hull Suite forex signals index. The QQE MOD, one of the top forex signal indicators, is showing a negative signal right now. If the price is more than $54 and a lot of people purchase it, it will attempt to move up into the $55–$57 range. If merchandisers are successful in upholding the $54 pricing posture and the $50 support position is broken, the price of silver may decline and test the $46 and $47 support levels.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a decreasing trend. A significant change in direction was indicated by the appearance of a double top map pattern a few days ago around roughly $54. Silver’s first obstacle is the $45 threshold. Arrestment was forbidden if the predetermined price was exceeded. Because of the visitors’ low spending power, the prices are lowered to $50 per unit.

Silver is currently falling below significant dynamic support levels. The QQE MOD uses the sell directive more often.