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Resistance Level of $31 holds in Silver market
SILVER Price Analysis – 23 May
Should there be substantial purchasing activity, a price breach of $31 would aim to reach the $32–33 region. If sellers are able to maintain the $31 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: $31, $32, $33
Support levels: $29, $28, $27
XAGUSD Long-term trend: Bullish
The long-term forecast for silver is positive. Due to a surge in customer demand last month, the price went up by more than $29. At the $29 barrier level, the white metal hit its prior peak as buyers held onto the level and bulls stepped up their efforts to obstruct sellers’ attempts. Two weeks ago, when Bulls failed to break above the $29 barrier level, a large daily bearish candle emerged. As a result, the market started to fall and approached the $29 mark.
The Hull Suite forex signals indicator can be exceeded by the price of silver 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 substantial purchasing activity, a price breach of $31 would aim to reach the $32–33 region. If sellers are able to maintain the $31 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 trend that is declined. At the $32 barrier level, a bearish pattern developed, signaling a significant shift in direction. The $31 mark represents the first barrier to silver’s decline. The price dropped towards $30 level yesterday after breaking $32. The $30 support level was breached by the white metal. The bears were able to hold their position, and the price is now facing the $29 mark.
Silver is currently trading below significant dynamic resistance levels and is in a downtrend. The sell direction is also indicated by the QQE MOD.
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