Silver (XAGUSD) Market Is Dominated By Purchasers

Bulls’ momentum in increasing

SILVER Price Analysis – 20 March

It will try to climb up into the $35–$36 range if the price is higher than $33 and many people are buying it. If sellers are able to hold the $34 price level and the $33 support level is broken, the price of silver may decline and test the $32 and $31 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $34, $35, $36

Support levels: $33, $32, $31

XAGUSD Long-term trend: Bullish

The outlook on the daily silver chart is optimistic. The silver market appeared to be dominated by purchasers for a few weeks. Due to higher client demand, prices climbed by $32 over the previous month. The white metal began to surge above its previous high of $32 as bulls increased its momentum and buying remained on the level. Bullish activity has persisted throughout the day since it seems like the bulls have a lot of momentum. A double bottom chart pattern appeared at the $28 mark, and the market began to go higher in the direction of the $34 barrier.

The histogram is skewed over zero, and the price of silver is above the Hull Suite forex signals indicator. The QQE MOD, one of the top forex signal indicators, is currently showing a positive signal. It will try to climb up into the $35–$36 range if the price is higher than $33 and many people are buying it. If sellers are able to hold the $34 price level and the $33 support level is broken, the price of silver may decline and test the $32 and $31 support levels.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of the XAGUSD indicates an upward trend. A double bottom chart pattern emerged close to the $28 mark, indicating a substantial shift in direction. The $31 threshold is Silver’s first challenge. Exceeding the pre-established price cutoff was prohibited. Due to the clients’ high purchasing power, costs are now around $34 per unit.

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

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