Silver Price Retests Previous High at $53

Double chart pattern emerge

SILVER Price Analysis – 13 November

It will try to climb up into the $54–$55 zone if the price is more than $53 and many people buy it. The price of silver may drop and test the $47 and $46 support levels if merchandisers are successful in maintaining the $53 pricing posture and the $49 support position is violated.

XAGUSD Market

Key Levels:

Resistance levels: $53, $54, $55

Support levels: $49, $47, $46

XAGUSD Long-term trend: Bullish

A bullish trend is shown on the daily chart. Silver rebounded after hitting the $37 support level. Since August 5, buyers seem to have dominated 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, white essence began to soar. Over the last two weeks, bulls have become more aggressive, and $53 point was tested yesterday. This is the second time testing the just mentioned level. There is a pullback today. The impulse started to shift from the $53 hedge towards the $49 hedge when a double top map pattern appeared.

The price of silver is higher 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. It will try to climb up into the $54–$55 zone if the price is more than $53 and many people buy it. The price of silver may drop and test the $47 and $46 support levels if merchandisers are successful in maintaining the $53 pricing posture and the $49 support 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 $45 threshold is Silver’s first challenge. Going over the set price arrestment was prohibited. The costs are moved to $53 per unit due to the guests’ strong purchasing power.

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

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