Silver (XAGUSD) Price: A Double-top Chart Pattern at $32 Resistance Level

Silver market may commence a bearish trend

SILVER Price Analysis – 30 May

If there is significant buying activity, a price breach of $32 level, it would try to get into the $33-34 range. Silver may drop and test the $29 and $28 support levels if sellers are able to hold the $32 price level and the $31 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $32, $33, $34

Support levels: $31, $29, $28

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is favorable. The price increased by more than $31 last month as a result of a spike in customer demand. The white metal reached its previous top at the $32 barrier level as buyers held onto the level and bulls increased their efforts to block sellers’ attempts. A sizable daily bearish candle appeared two weeks ago when Bulls were unable to break above the $32barrier level. The market began a range movement within $32 and $31 level, a result testing $32 level twice experienced.

When the rising histogram is above zero, the price of silver has the potential to surpass the Hull Suite forex signals indicator. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. If there is significant buying activity, a price breach of $32 level, it would try to get into the $33-34 range. Silver’s price may drop and test the $29 and $28 support levels if sellers are able to hold the $32 price level and the $31 support level is breached.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart shows a downward trend. A bearish pattern formed at the $32 barrier level, indicating a big change in direction. The first obstacle to silver’s slide is the $31 mark.  After testing $32 level, the price yesterday fell toward the $31 mark. The white metal may break through the $30 support level. The price is already approaching the $30 threshold as the bears were able to maintain their position.

Silver is currently in a slump and trading below important dynamic resistance levels. The QQE MOD also indicates the sell direction.

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