Silver (XAGUSD) Price: Bearish Trend May Continue

Sellers’ momentum is increasing

SILVER Price Analysis – 15 August

It is going to attempt to move up into the $28–$29 region if there is a lot of buying activity and the price is over $27. If sellers are able to maintain the $27 price level and the $26 support level is broken, silver’s price may fall and test the $25 and $24 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $27, $28, $29

Support levels: $26, $25, $24

XAGUSD Long-term trend: Bearish

Silver’s long-term prospects are negative. Demand from customers decreased, resulting in a $27 price decrease over the prior month. The white metal hit its previous high at the $32 barrier level as bulls stepped up their efforts to thwart sellers’ attempts and buyers held onto the level. Three weeks ago, when the bulls failed to break above the $32 barrier level, a large daily bearish candle emerged. The market bounced back after going as low as $27. The price is currently below the $27 support level.

The histogram is skewed below zero in addition to the silver price being below the Hull Suite forex signals indication. The QQE MOD, one of the greatest indicators for forex signals, is currently showing a bearish signal. It is going to attempt to move up into the $28–$29 region if there is a lot of buying activity and the price is over $27. If sellers are able to maintain the $27 price level and the $26 support level is broken, silver’s price may fall and test the $25 and $24 support levels.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of XAGUSD indicates a downward trend. At the $30 barrier level, a bearish engulfing pattern developed, signaling a significant shift in direction. The $28 threshold is the initial barrier to silver’s decline. Last week, prices dropped, first to $29 and then to $28. The $28 support level was breached by the white metal. The sellers’ pressure is causing the price to move down and toward the $26 support level.

At the moment, silver is trading below important dynamic support levels. The selling direction is further illustrated by the QQE MOD.

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