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Silver Price: Double Top Chart Pattern at $81

Azeez Mustapha
Updated 2 min read
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Silver Price: Double Top Chart Pattern at $81

Bears are defending $81 line

SILVER Price Analysis – 08 January

If the price rises above $76 and there is significant buying activity, it might attempt to move toward the $81–$83 range. However, if sellers are able to hold the $76 price level and the $69 support is breached, the price of silver may fall and test the $66 and $63 support levels.

 

XAGUSD Market

Key Levels:

Resistance levels: $76, $81. $83

Support levels: $69, $66, $63

XAGUSD Long-term trend: Bearish

A positive trend has continued since November, when the daily chart showed a double bottom formation. Silver began to increase after breaking through the $63 barrier. Since August 5, there has been an uptick in purchasing activity on the daily graphic. Strong customer demand has caused prices to rise by $76 over the previous month. As the bulls got stronger and the buying pressure could not break up 76 level, silver started to fall. Over the past two weeks, bears have become more aggressive, and this week the price is approaching $69. A declining trend is shown by yesterday’s movement.

Silver Price: Double Top Chart Pattern at $81

The price of silver has a histogram below zero and is lowerr 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 rises above $76 and there is significant buying activity, it might attempt to move toward the $81–$83 range. However, if sellers are able to hold the $76 price level and the $69 support is breached, the price of silver may fall and test the $66 and $63 support levels.

 

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart shows a downward trend. A few days ago, a double top pattern that emerged close to $63 signaled a dramatic shift in direction. The $76 level is Silver’s initial obstacle. The price broke over this level, avoiding resistance. Tariffs have been lowered to $69 per unit because of the sellers’ strong purchasing power.

Silver Price: Double Top Chart Pattern at $81 At the moment, silver is falling below significant dynamic support levels. The selling signal is being used increasingly often by the QQE MOD.

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