Silver (XAGUSD) Price: Bearish Reversal Envisaged at $34 Level

Silver price may decrease towards $29 level

SILVER Price Analysis – 24 October

If the price is over $34 and a lot of people are purchasing it, it will attempt to move up into the $35–$36 range. Silver’s price may drop and test the $32 and $31 support levels if sellers can hold the $34 price level and the $33 support level is broken.

XAGUSD Market

Key Levels:

Resistance levels: $34, $35, $36

Support levels: $33, $32, $31

XAGUSD Long-term trend: Bullish

The future of silver seems bright. Prices were $31 lower than the previous month due to a decline in consumer demand. When buying persisted on the level and bears intervened to halt them, the white metal rose to its prior high of $32. A big bullish daily candle has formed as a result of the bulls’ ability to close above the $33 barrier level over the past two weeks. The market increase to $34 before starting to pull back. Right now, the price is trying to change direction at the $34 resistance level.

In addition to the silver price being above the Hull Suite forex signals indication, the histogram is skewed above zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. If the price is over $34 and a lot of people are purchasing it, it will attempt to move up into the $35–$36 range. Silver’s price may drop and test the $32 and $31 support levels if sellers can hold the $34 price level and the $33 support level is broken.

XAGUSD Medium-term Trend: Bearish

The XAGUSD 4-hour chart shows a downward trend. A bearish engulfing pattern formed at the $34 barrier level, indicating a substantial change in direction. The first obstacle to silver’s upward trajectory is the $34 mark. Prices dropped last week, initially towards $33 and it may reduce to $32 and $31 levels. Due to consumer demand, prices are getting close to $33 now.
Silver is currently trading below significant dynamic support levels. The QQE MOD contains more instances of the selling directive.

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