Silver (XAGUSD) Price Bounces Off $30 Resistance Level

Silver price is decreasing towards $29 level

SILVER Price Analysis – 10 October

It will try to climb up into the $32–$34 zone if the price is more than $30 and a lot of people are buying it. If sellers are able to maintain the $30 price level and the $29 support level is broken, silver’s price may fall and test the $28 and $27 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $30, $32, $34

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook appears dim. Due to a drop in customer demand, prices were $29 less than they were the month before. The white metal inncreased to the previous high of $32 when buying continued on the level and bears stepped in to stop them. The bulls have been unable to close above the $30 barrier level during the last two weeks, which has resulted in the formation of a large bullearish daily candle. The market dropped to $30 before beginning to rise once more. The price is currently attempting to break down the $29 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 strongest indicators for forex signals, is showing a bearish signal right now. It will try to climb up into the $32–$34 zone if the price is more than $30 and a lot of people are buying it. If sellers are able to maintain the $30 price level and the $29 support level is broken, silver’s price may fall and test the $28 and $27 support levels.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of XAGUSD exhibits a declining trend. At the $32 barrier level, a bearish engulfing pattern developed, signaling a significant shift in direction. The $32 threshold is the first barrier to silver’s rising trajectory. Last week, prices went down, first to $30 and then to $3129. The $30 support level was breached by the white metal. Prices are approaching $29 as a result of customer demand.
At the moment, silver is trading below important dynamic support levels. There are additional examples of the selling direction in the QQE MOD.

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