Silver (XAGUSD) Price: A Bearish Reversal at $29 Level

Sellers are holding unto Silver market

SILVER Price Analysis – 02 May

If there is significant selling activity, a price breach of $28 would target the $25–24 range. Silver’s price may increase and test the $28 and $29 resistance levels if buyers can hold the $26 price level and the $27 resistance level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $27, $28, $29

Support levels: $26, $25, $24

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is unfavorable. Last month when client demand increased, the price increased by almost $29. The white metal reached its previous peak at the $29 barrier level as bulls increased their efforts to thwart sellers’ attempts and buyers held onto the previously mentioned level. The market is once again falling after bulls failed to break up the $29 barrier level, and a robust daily bearish candle formed. Silver’s price dropped to retest the $26 level after hitting the $29 mark.

 When the falling histogram falls below zero, the silver price could not surpasse the Hull Suite forex signals indicator. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. If there is significant selling activity, a price breach of $28 would target the $25–24 range. Silver’s price may increase and test the $28 and $29 resistance levels if buyers can hold the $26 price level and the $27 resistance level is breached.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of XAGUSD shows a downward trend. A bearish pattern formed at the $29 barrier level, indicating a major change in direction. The first roadblock to Silver’s fall is $28.  Because of the sellers’ unwavering dedication, the price went over the initial sum that was agreed upon. After breaking $28, the price decreased by more than $27 last week. The white metal penetrated the $27 support level. The bears are holding the $29 level right now.

At the moment, silver is declining and trading below important dynamic support levels. The QQE MOD also indicates the sell direction.

You can purchase Lucky Block here. Buy LBLOCK