Silver Price: Sellers Are Exerting More Pressure

Silver may reduce to $29

SILVER Price Analysis – 15 May

If the price is higher than $32 and a lot of people are purchasing it, it will attempt to move up into the $33–$34 zone. However, if merchandisers can maintain the $32 pricing position and the $30 support position is breached, the price of silver may decline and test the $30 and $29 support scenarios.

XAGUSD Market

Key Levels:

Resistance levels: $32, $33, $34

Support levels: $30, $29, $28

XAGUSD Long-term trend: Bearish

The daily chart shows a negative outlook. Since April 24, the daily chart request appeared to be dominated by sellers. Due to strong customer demand, prices went up by $32 over the previous month. The white essence began to fall over its prior low of $32 when selling remained at the position and bears gained traction. Bears were highly incited last two days, and their bearish effort continued to confront bulls at the aforementioned level yesterday. The request began to shift from $32 toward the $30 hedge when a double bottom map pattern appeared.

The histogram is below zero, and the price of silver is below the Hull Suite forex signals index. The QQE MOD, one of the top forex signal indicators, is currently showing a negative signal. If the price is higher than $32 and a lot of people are purchasing it, it will attempt to move up into the $33–$34 zone. However, if merchandisers can maintain the $32 pricing position and the $30 support position is breached, the price of silver may decline and test the $30 and $29 support scenarios.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a downward trend. Around $32, a double top map pattern emerged last week, signaling a significant change in direction. The first obstacle for Silver is the $32 threshold. It was forbidden to go over the predetermined price arrestment. Prices are currently about $30 per unit because of the guests’ considerable purchasing power.

Silver is currently trading below the significant dynamic support levels. The QQE MOD makes greater use of the selling directive.

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