Silver (XAGUSD) Price: Bears Are Gaining More Momentum

Silver price decrease further towards $29 level

SILVER Price Analysis – 28 November

Silver will try to climb up into the $31–$32 range if the price is over $30 and many people are buying it. If sellers are able to hold the $30 price level and the $29 support level is broken, the price of silver may decline and test the $28 and $27 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $30, $31, $32

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bearish

The silver market appeared to have been controlled by bears for a number of weeks. Due to a drop in customer demand, prices were $30 less than they were the month before. The white metal reached its prior peak of $32 when purchasing proceeded on the level and bears stepped in to stop them. For the last two weeks, the bears have been able to dominate the Silver market, forming a large bearish daily candle. The market began to decline when it hit $34. The price is currently moving toward the $29 level after turning around at the $34 resistance level.

The histogram is skewed below zero, and the price of silver is below the Hull Suite forex signals indicator. The QQE MOD, one of the top forex signal indicators, is currently showing a negative signal. It will try to climb up into the $31–$32 range if the price is over $30 and many people are buying it. If sellers are able to hold the $30 price level and the $29 support level is broken, the price of silver may decline and test the $28 and $27 support levels.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of the XAGUSD indicates a downward trend. At the $30 barrier level, a bearish engulfing pattern developed, signaling a significant shift in direction. The $29 mark is the first barrier to silver’s downward trajectory. Last week, prices fell to $31, then to $30 and $29. Prices are currently falling toward $29 per unit due to consumer demand.
At the moment, silver is trading above important dynamic support levels. There are additional examples of the purchase directive in the QQE MOD.

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