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Buyers are increasing in Silver market
SILVER Price Analysis – 22 February
If there is substantial buying pressure, a higher price breach of $23 would aim for the $24–25 region. If sellers can hold the $23 price level and the $22 support level is broken, silver’s price may fall and test the $21 and $20 support levels.
XAGUSD Market
Key Levels:
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bullish
There is a dismal long-term outlook for silver. As buyer demand grew, the price rose to the $26 barrier last year. As purchasers held onto the previously mentioned level and bulls increased pressure to frustrate the sellers’ effort, the white metal hit its prior high at the $26 barrier level. A few days ago, bears managed to drive the price down to $21. The price is returning to the $23 area after a robust bullish candle formed. Last week, buyers controlled the market, and the price is currently moving towards $23.
The silver price is presently trading above the Hull Suite signal, as indicated by a histogram above zero. The QQE MOD, one of the top forex signal indicators, is showing a positive signal. If there is substantial buying pressure, a higher price breach of $23 would aim for the $24–25 region. If sellers can hold the $23 price level and the $22 support level is broken, silver’s price may fall and test the $21 and $20 support levels.
XAGUSD Medium-term Trend: Bullish
The XAGUSD 4-hour chart is trending upward. A bullish engulfing candle pattern near the $21 barrier level suggested a positive reversal. At the beginning of silver’s climb, $23 is a barrier. The buyers’ resolute defense of the previously mentioned level caused the price to increase to $23. The price rose towards the $23 mark yesterday. The white metal is currently trading above the $22 mark.
Silver price, which is currently trading above important dynamic resistance levels, indicates an uptrend movement. The QQE MOD indicates the buy direction.
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