Silver Price: Ranging Movement Between $30 and $32 Levels

Silver is under bearish pressure

SILVER Price Analysis – 08 May

It will try to climb up into the $33–$34 range if the price is greater than $32 and many people are buying it. The price of silver might fall and test the $30 and $29 support situations, nevertheless, if merchandisers can hold onto the $32 pricing position and the $30 support position is breached.

XAGUSD Market

Key Levels:

Resistance levels: $32, $33, $34

Support levels: $30, $29, $28

XAGUSD Long-term trend: Bearish

The daily chart shows a very positive outlook. The daily chart request appeared to be dominated by purchasers for a few weeks. Due to strong customer demand, prices went up by $32 over the previous month. The white essence began to rise over its prior high of $32 when buying remained at the position and bulls gained traction. Bulls were highly incited last week, and their bullish effort continued to confront bears at the aforementioned level yesterday. The request began to shift from $29 toward the $32 hedge when a double bottom map pattern appeared.

The histogram is above zero, and the price of silver is above the Hull Suite forex signals index. The QQE MOD, one of the top forex signal indicators, is currently showing a negative signal. It will try to climb up into the $33–$34 range if the price is greater than $32 and many people are buying it. The price of silver might fall and test the $30 and $29 support situations, nevertheless, if merchandisers can hold onto the $32 pricing position and the $30 support position is breached.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of the XAGUSD indicates a declining trend. Last week, a double top map pattern appeared around $32, indicating a major shift in direction. The $32 threshold is Silver’s first challenge. Exceeding the pre-established price arrestment was prohibited. Due to the high purchasing power of the guests, prices are currently around $30 per unit.

At the moment, silver is trading below the important dynamic support levels. The sale directive is used more frequently in the QQE MOD.

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