Silver Price Is Struggling to Penetrate $36 Resistance

Silver price is soaring higher

SILVER Price Analysis – 12 June

If the price is higher than $36 and a lot of people are purchasing it, it will attempt to move up into the $37–$38 region. However, if merchandisers are able to maintain the $36 pricing position and the $35 support position is broken, the price of silver may decline and test the $34 and $33 support possibilities.

XAGUSD Market

Key Levels:

Resistance levels: $36, $37, $38

Support levels: $35, $34, $33

XAGUSD Long-term trend: Bullish

The prognosis on the daily chart is very optimistic. The daily chart request appears to have been dominated by buyers since April 24. Strong consumer demand caused prices to rise by $33 over the previous month, but as buying stayed steady and bulls gained ground, the white essence began to soar. Bulls have been extremely active over the past two days, and yesterday they persisted in their bullish endeavor to challenge bears at the previously indicated level. When a double bottom map pattern emerged, the request began to move from $33 toward the $36 hedge.

The histogram is above zero, and the price of silver is higher than the Hull Suite forex signals index. The QQE MOD, one of the top forex signal indicators, is currently showing a positive signal. If the price is higher than $36 and a lot of people are purchasing it, it will attempt to move up into the $37–$38 region. However, if merchandisers are able to maintain the $36 pricing position and the $35 support position is broken, the price of silver may decline and test the $34 and $33 support possibilities.

XAGUSD Medium-term Trend: Bullish

The XAGUSD’s 4-hour chart shows an increasing trend. A double bottom map pattern emerged last week at around $30, signaling a significant change in direction. The first obstacle for Silver is the $32 threshold. It was forbidden to go over the predetermined price arrestment. Due of the substantial purchasing power of the visitors, costs are currently approximately $36 per unit.

Silver is currently trading above the significant dynamic support levels. The QQE MOD makes greater use of the buy directive.

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