Sellers are opposing buyers at $38 level
SILVER Price Analysis – 17 July
It will try to climb up into the $39–$40 zone if the price is over $38 and many people are buying it. However, the price of silver may drop and test the $34 and $33 support possibilities if merchandisers are able to hold onto the $38 pricing position and the $35 support position is broken.
XAGUSD Market
Key Levels:
Resistance levels: $38, $39, $40
Support levels: $35, $34, $33
XAGUSD Long-term trend: Bullish
The daily chart shows a very positive outlook. Since April 24, buyers seem to have taken the lead in daily chart requests. Strong consumer demand caused prices to rise by $38 over the previous month, but as buying stayed steady and bulls gained ground, the white essence began to soar. Over the last two days, bulls have been very active, and yesterday they continued their bullish endeavor to oppose bears at the level that was previously advised. The request started to shift from the $38 hedge to the $35 hedge when a double top map pattern appeared.
The price of silver is higher than the Hull Suite forex signals index, and the histogram is above zero. One of the best forex signal indicators, the QQE MOD, is currently displaying a positive signal. It will try to climb up into the $39–$40 zone if the price is over $38 and many people are buying it. However, the price of silver may drop and test the $34 and $33 support possibilities if merchandisers are able to hold onto the $38 pricing position and the $35 support position is broken.
XAGUSD Medium-term Trend: Bearish
The 4-hour chart of the XAGUSD indicates a downward trend. A few weeks ago, at about $30, 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. Prices are currently more than $35 a unit because of the guests’ restricted purchasing power.
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