Silver (XAGUSD) Price May Continue a Bullish Trend

Silver price is under buyers’ control

SILVER Price Analysis – 17 October

If the price is over $32 and a lot of people are purchasing it, it will attempt to move up into the $34 –$35 range. Silver’s price may drop and test the $28 and $28 support levels if sellers can hold the $32 price level and the $30 support level is broken.

XAGUSD Market

Key Levels:

Resistance levels: $32, $34, $35

Support levels: $30, $29, $28

XAGUSD Long-term trend: Bullish

The future of silver is bleak. Prices were $29 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’ inability to close above the $30 barrier level over the past two weeks. The market fell to $30 before starting to recover again. Right now, the price is trying to break through the $29 support level.

In addition to the silver price being below the Hull Suite forex signals indication, the histogram is skewed below zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. If the price is over $32 and a lot of people are purchasing it, it will attempt to move up into the $34 –$35 range. Silver’s price may drop and test the $28 and $28 support levels if sellers can hold the $32 price level and the $30 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 $32 barrier level, indicating a substantial change in direction. The first obstacle to silver’s upward trajectory is the $32 mark. Prices dropped last week, initially to $30 and then to $29. The white metal broke through the $30 support level. Due to consumer demand, prices are getting close to $29 now.
Silver is currently trading below significant dynamic support levels. The QQE MOD contains more instances of the selling directive.

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