Silver (XAGUSD) Price: A Pullback Before Price Increase  

Sellers’ pressure increase

SILVER Price Analysis – 05 September

If the price is more than $29 and a large number of people are purchasing it, it will try to move up into the $30–$31 range. Silver may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $28 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $29, $30, $31

Support levels: $28, $27, $26

XAGUSD Long-term trend: Bullish

The long-term forecast for silver is favorable. There was a $27 price drop from the previous month as a result of the decline in consumer demand. When sellers stayed onto the level and bulls increased their efforts to obstruct their efforts, the white metal touched its previous low at the $24 barrier level. A sizable bullish daily candle appeared last week when the bears were unable to break through below the $27 barrier level. The market shot up to $29 and then started to increase again. Right now, the price is trying to pull back from $30 resistance level.

In addition to the silver price being above the Hull Suite forex signals indication, the histogram is skewed over zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. If the price is more than $29 and a large number of people are purchasing it, it will try to move up into the $30–$31 range. Silver’s price may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $28 support level is breached.

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart shows an inclining trend. A bullish engulfing pattern formed at the $27 barrier level, indicating a big change in direction. The first obstacle to silver’s incline is the $28 mark. Prices increased last week, initially to $28 and later to $29. The white metal broke through the $29 resistance level. The price is retracing getting closer to the $28 barrier level due to seller’s pressure.

Silver is currently trading above significant dynamic support levels. The QQE MOD offers more illustrations of the buying direction.

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