Silver Price Tests $93 All Time High
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Silver Price Tests $93 All Time High

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Azeez Mustapha

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Bulls are prevailing over bears

SILVER Price Analysis – 15 January

The price may try to climb toward the $94–$95 region if it rises above $93 and there is a lot of purchasing activity. However, the price of silver may decline and test the $81 and $69 support levels if sellers are able to maintain the $93 price level and the $86 support is broken.

XAGUSD Market

Key Levels:

Resistance levels: $93, $94. $95

Support levels: $86, $81, $69

XAGUSD Long-term trend: Bullish

Since November, when the daily chart displayed a double bottom formation, a favorable trend has persisted. Silver broke through the $69 barrier and started to rise. The daily graphic shows an increase in purchase activity since August 5. Prices have increased by $81 from the previous month due to strong client demand. Silver began to incline as the bulls grew stronger and the selling pressure failed to break through the 69 level. Bulls have been more active over the last two weeks, and this week the price is getting close to $93. The movement from yesterday indicates a pullback trend.

Silver Price TestsAll Time High

The price of silver is more 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. The price may try to climb toward the $94–$95 region if it rises above $93 and there is a lot of purchasing activity. However, the price of silver may decline and test the $81 and $69 support levels if sellers are able to maintain the $93 price level and the $86 support is broken.

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart indicates an inclining trend. A significant change in direction was indicated a few days ago by a double bottom pattern that appeared near $63. Silver’s first challenge is the $69 level. This level was broken by the price, avoiding resistance. Due to the buyers’ substantial purchasing power, tariffs have been increased to $93 per unit.

Silver Price TestsAll Time High Silver is currently inclining above important dynamic support levels. The QQE MOD is using the buying signal more frequently.

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