Silver (XAGUSD) Price: A Bearish Chart Pattern at $32 Resistance Level

Bearish trend may start in Silver market

SILVER Price Analysis – 06 June

Should there be noteworthy purchasing activity, a price breach of $30, it would attempt to enter the $31–32 range. If sellers are able to maintain the $30 price level and the $29 support level is broken, silver  may fall and test the $28 and $27 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $30, $31, $32

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bullish

The long-term forecast for silver is positive. Due to an increase in client demand last month, the price went up by more than $31. The white metal hit its previous high at the $32 barrier level as bulls stepped up their efforts to thwart sellers’ attempts and buyers held onto the level. Two weeks ago, when Bulls were unable to break above the $32 barrier level, a large daily bearish candle developed. The market started moving in a range between $32 and $31, with two tests of the $32 barrier.

Silver’s price may rise over the Hull Suite forex signals indicator when the rising histogram is above zero. The QQE MOD, one of the strongest indicators for forex signals, is showing a bullish signal right now. Should there be noteworthy purchasing activity, a price breach of $30, it would attempt to enter the $31–32 range. If sellers are able to maintain the $30 price level and the $29 support level is broken, silver’s price may fall and test the $28 and $27 support levels.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart exhibits a declining pattern. At the $32 barrier level, a bearish pattern called double top developed, signaling a significant shift in direction. The $31 threshold is the initial barrier to silver’s decline.  Last week, the price dropped to about $31 after testing the $32 barrier. The $30 support level might be breached by the white metal. The bears were able to stay onto their position, and the price is now getting close to the $30 mark.

At the moment, silver is falling and trading below significant dynamic resistance levels. Furthermore indicating the sale direction is the QQE MOD.

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