Silver Price May Surpass $39 Barrier Zone

Buyers are ready to break up $39 level

SILVER Price Analysis – 24 July

If the price is higher than $38 and a lot of people are purchasing it, it will attempt to move up into the $39–$40 range. However, if merchandisers can maintain the $38 pricing position and the $35 support position is broken, the price of silver might decline and test the $34 and $33 support possibilities.

XAGUSD Market

Key Levels:

Resistance levels: $38, $39, $40

Support levels: $35, $34, $33

XAGUSD Long-term trend: Bullish

The outlook on the daily chart is extremely optimistic. Buyers appear to have taken the lead in daily chart requests since April 24. 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. Bulls have been particularly active over the past two days, and yesterday they persisted in their bullish effort to confront bears at the previously recommended level. When a double top map pattern emerged, the desire began to move from the $38 hedge to the $35 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 showing a positive signal right now. If the price is higher than $38 and a lot of people are purchasing it, it will attempt to move up into the $39–$40 range. However, if merchandisers can maintain the $38 pricing position and the $35 support position is broken, the price of silver might decline and test the $34 and $33 support possibilities.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a declining 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 $35 per unit.

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

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