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.
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