Silver Price Is Surging Above $47 Point

Buyers challenge Sellers at $47 level

SILVER Price Analysis – 30 October

It will try to climb up into the $53–$54 zone if the price is greater than $49 and many people buy it. The price of silver may drop and test the $46 and $45 support levels, nevertheless, if merchandisers are able to hold onto the $49 pricing stance and the $47support position is violated..

XAGUSD Market

Key Levels:

Resistance levels: $49, $53, $54

Support levels: $47, $46 $45

XAGUSD Long-term trend: Bullish

A bullish trend may be seen on the daily chart. Silver bounced back after hitting the $37 support level. Since August 5, buyers seem to have taken the lead in daily chart requests. Strong consumer demand caused prices to rise by $45 over the previous month, but as buying stayed steady and bulls gained ground, the white essence began to soar. Over the last two weeks, bulls have been more aggressive, and yesterday’s pullback targeted the $47 barrier. At the previously suggested level, buyers continued their bullish attempt to challenge bears. The impulse started to shift from the $41 hedge to the $49 hedge when a double bottom map pattern appeared.

The price of silver is above the Hull Suite forex signals index and has a histogram 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 $53–$54 zone if the price is greater than $49 and many people buy it. The price of silver may drop and test the $46 and $45 support levels, nevertheless, if merchandisers are able to hold onto the $49 pricing stance and the $47support position is violated.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of the XAGUSD indicates an upward 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. The costs are currently over $49 per unit because of the guests’ high spending power.

At the moment, silver is surging above the important dynamic support levels. The buy directive is used more frequently in the QQE MOD.