Silver (XAGUSD) Price Breaks Up $27 Resistance Level

Silver market is testing $28 level

SILVER Price Analysis – 11 April

If there was strong buying demand, and the price breach of $28 would aim for the $29–30 region. If sellers can hold the $28 price level and the $27 support level is broken, silver’s price may fall and test the $26 and $25 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $28, $29, $30

Support levels: $27, $26, $25

XAGUSD Long-term trend: Bullish

The long-term forecast for silver is positive. Last year, when customer demand grew, the price exceeded $25. The white metal hit its previous high at the $26 barrier level as buyers held onto the previously indicated level and bulls increased their pressure to obstruct sellers’ attempts. Last week, bears were unable to hold the $25 resistance level, and the market is now rising as a strong daily bullish candle developed. The Silver price is currently testing $28 level.

When a histogram rises over zero, it signifies that the price of silver is beyond the Hull Suite forex signals indicator. The QQE MOD, one of the strongest indicators for forex signals, is showing a bullish signal right now. If there was strong buying demand, and the price breach of $28 would aim for the $29–30 region. If sellers can hold the $28 price level and the $27 support level is broken, silver’s price may fall and test the $26 and $25 support levels.

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart exhibits an increasing trend. A significant change in direction was suggested by the bullish pattern that developed at the $25 barrier level. $25 is the first obstacle to silver’s ascent.  The price exceeded the previously agreed upon amount due to the buyers’ steadfast dedication to it. Last week, the price increased to over $26 following a test of the $26 barrier. As at now, the white metal is testing the resistance level of $28.

Silver is currently rising and trading above significant dynamic support levels. The buy direction is also indicated by the QQE MOD.

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