Silver (XAGUSD) Price Breaks Down $29 Level, Further Decrease Possible

Silver market is decreasing towards $28 level

SILVER Price Analysis – 27 June

If there is significant buying activity and the price is more than $29, it will try to reach the $30–$31 range. Silver may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $28 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels, $29, $30, $31

Support levels: $28, $27, $26

XAGUSD Long-term trend: Bearish

There is a dismal long-term outlook for silver. Last month’s price increase of almost $31 was brought on by an increase in client demand. The white metal reached its previous high at the $32 barrier level as buyers held onto the level and bulls increased their efforts to frustrate sellers’ attempts. A big daily bearish candle appeared two weeks ago when Bulls failed to break above the $32 barrier level. At first, the market was erratic, ranging from $29 to $30. The aim is currently the $28 barrier level.

The price of silver is below the Hull Suite forex signals indicator, and the histogram is falling below zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. If there is significant buying activity and the price is more than $29, it will try to reach the $30–$31 range. Silver’s price may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $28 support level is breached.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart shows a trend of declination. A bullish pattern called a bullish engulfing formed at the $29 barrier level, indicating a big change in direction. The first obstacle to silver’s slide is the $28 mark.  The price dropped to $28 last week before rising to $30. The white metal broke through the $29 support level. The bears were successful in holding onto their positions, and the price is currently extremely near to the $28 mark.

Silver is currently dropping and trading below key dynamic support levels. The QQE MOD further indicates the selling direction.

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