Silver Price May Break Up $38 Resistance Level

Buyers’ momentum is waxing stronger

SILVER Price Analysis – 21 August

If the price is greater than $38 and a lot of people purchase it, it will attempt to move up into the $39–$40 range. However, if merchandisers can maintain the $38 pricing position and the $37 support position is broken, the price of silver might decline and test the $36 and $35 support possibilities.

XAGUSD Market

Key Levels:

Resistance levels: $38, $39, $40

Support levels: $37, $36, $35

XAGUSD Long-term trend: Bullish

The daily chart indicates a promising future. After hitting the $35 support level, silver recovered. Buyers appear to have taken the lead in daily chart requests since August 5. Prices increased by $38 over the previous month because to strong consumer demand, but the white essence started to surge as buying remained stable and bulls gained ground. Bears have been more active over the past two weeks, and yesterday’s purchasers persisted in their bullish attempt to confront bears at the previously recommended level. When a double bottom map pattern emerged, the impulse began to move from the $37 hedge to the $38 hedge.

Silver’s price has a histogram above zero and is above the Hull Suite forex signals index. The QQE MOD, one of the top forex signal indicators, is showing a positive signal right now. If the price is greater than $38 and a lot of people purchase it, it will attempt to move up into the $39–$40 range. However, if merchandisers can maintain the $38 pricing position and the $37 support position is broken, the price of silver might decline and test the $36 and $35 support possibilities.

 

XAGUSD Medium-term Trend: Bullish

The XAGUSD’s 4-hour chart shows an increasing trend. At around $30 a few weeks ago, a double bottom map pattern emerged, signaling a significant change in course. The first obstacle for Silver is the $32 threshold. It was forbidden to go over the predetermined price arrestment. Due to the guests’ limited purchasing power, prices are currently over $37 per unit.

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

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