Silver Price May Change to Bearish Direction

Sellers are oppressing buyers in Silver market

SILVER Price Analysis – 04 January

The price may try to advance toward the $81–$83 region if it gets above $74 and there is strong buying interest. However, the price of silver may drop and test the $66 and $63 support levels if the sellers are able to maintain the $74 price level and the $69 support is broken.

 

XAGUSD Market

Key Levels:

Resistance levels: $74, $81. $83

Support levels: $69, $66, $63

XAGUSD Long-term trend: Bullish

Since November, when a double bottom pattern emerged on the daily chart, a positive trend has persisted. After breaking through the $63 mark, silver started to rise. On the daily graphic, purchasing activity has increased since August 5. Prices have increased by $69 from the previous month due to strong consumer demand. Silver began to increase quickly as the bulls grew stronger and buying remained consistent. Bulls have been more aggressive over the last two weeks, and this week the price is pushing the $72 mark. The movement from yesterday indicates an increasing trend.

The price of silver is greater than 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. The price may try to advance toward the $81–$83 region if it gets above $74 and there is strong buying interest. However, the price of silver may drop and test the $66 and $63 support levels if the sellers are able to maintain the $74 price level and the $69 support is broken.

 

XAGUSD Medium-term Trend: Bearish

The XAGUSD 4-hour chart displays a decreasing trend. A double top pattern that appeared near $63 a few days ago indicated a significant change in direction. Silver’s first challenge is represented by the $74 level. Resistance was averted as the price broke over this level. Due to the sellers’ high purchasing power, tariffs have been decreased to $69 per unit.

Silver is currently surging below important dynamic support levels. The QQE MOD is using the selling signal more frequently.

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