Silver (XAGUSD) Price: A double Bottom Chart Pattern at $28 Zone

Bullish reversal signal in Silver market

SILVER Price Analysis – 10 April

If the price is more than $30 and a lot of people are purchasing it, it will attempt to move up into the $32–$33 region. The price of silver may drop and test the $28 and $27 support levels if sellers are able to maintain the $30 price level and the $29 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $30, $32, $33

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bullish

The daily silver chart shows a positive outlook. For a few weeks, buyers seemed to control the silver market. Prices increased by $32 from the previous month due to increased customer demand. As purchasing stayed at the level and bulls gained impetus, the white metal started to rise above its previous high of $32. Since it appears that the bulls have a lot of momentum, bullish action has continued throughout the day. At $28, a double bottom chart pattern emerged, and the market started to rise toward the $34 barrier.

The price of silver is above the Hull Suite forex signals indicator, and the histogram is skewed over zero. One of the best forex signal indicators, the QQE MOD, is presently displaying a positive signal. If the price is more than $30 and a lot of people are purchasing it, it will attempt to move up into the $32–$33 region. The price of silver may drop and test the $28 and $27 support levels if sellers are able to maintain the $30 price level and the $29 support level is breached.

XAGUSD Medium-term Trend: Bullish

The XAGUSD’s 4-hour chart shows an increasing trend. Near the $28 level, a double bottom chart pattern appeared, signaling a significant change in direction. The first obstacle for Silver is the $29 threshold. It was forbidden to go beyond the predetermined price cutoff. Costs are currently about $30 per unit because of the clients’ great purchasing power.

Silver is currently trading above the significant dynamic support levels. The QQE MOD makes more use of the buy directive.

Start using a world-class auto trading solution

You can purchase Lucky Block here. Buy LBLOCK

 

[xyz-ihs snippet="Markets"]