Bears are trying to defend $58 point
SILVER Price Analysis – 04 December
It will try to surge up into the $59–$60 zone if the price is greater than $58 and many people buy it. If merchandisers are successful in keeping the $58 pricing stance and the $57 support position is breached, the price of silver may decline and test the $56 and $55 support levels.
XAGUSD Market
Key Levels:
Resistance levels: $58, $59. $60
Support levels: $57, $56, $55
XAGUSD Long-term trend: Bullish
A bearish trend is beginning to appear on the daily chart. After reaching the $55 barrier level, silver started to incline. Buyers appear to have dominated daily chart requests since August 5. Prices increased by $55 over the previous month due to strong consumer demand, but white essence started to surge as bulls gained momentum and buying remained stable. Bulls have been more aggressive over the past two weeks, and last week they tested at $58. This is the second test in the level that was previously explained. Today is a downturn. When a double top map pattern emerged, the impulse began to consolidate at $58 hedge.
Silver’s price is above the Hull Suite forex signals index and has a histogram above zero. One of the greatest forex signal indicators, the QQE MOD, is currently exhibiting a negative signal. It will try to surge up into the $59–$60 zone if the price is greater than $58 and many people buy it. If merchandisers are successful in keeping the $58 pricing stance and the $57 support position is breached, the price of silver may decline and test the $56 and $55 support levels.
XAGUSD Medium-term Trend: Bearish
The XAGUSD’s 4-hour chart shows an upward trend. A substantial shift in direction was indicated by the appearance of a double bottom map pattern near $56 a few days ago. Silver’s first obstacle is the $55 threshold. Arrestment was forbidden if the predetermined price was exceeded. Because of the visitors’ strong purchasing power, the rates have been raised to $58 per unit.
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