Silver (XAGUSD) Price Breaks Up $30 Resistance Level

Silver market is increasing towards $32 level

SILVER Price Analysis –11 July

If there is a significant amount of buying activity and the price is more than $32, it will try to reach the $33–$34 range. Silver’s price may drop and test the $28 and $27 support levels if sellers are able to hold the $32 price level and the $30 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $32, $33, $34

Support levels: $30, $28, $27

XAGUSD Long-term trend: Bullish

The long-term outlook for silver is dire. Increased consumer demand was the reason for last month’s nearly $31 price increase. 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 formed two weeks ago when the bulls were unable to break above the $32 barrier level. At initially, the market was erratic, ranging from $29 to $30. The price is currently rising approaching the $32 level.

In addition to the price of silver being at the Hull Suite forex signals indication, the histogram is inclined over zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. If there is a significant amount of buying activity and the price is more than $32, it will try to reach the $33–$34 range. Silver’s price may drop and test the $28 and $27 support levels if sellers are able to hold the $32 price level and the $30 support level is breached.

XAGUSD Medium-term Trend: Bullish

The 4-hour XAGUSD chart shows a trend that is inclining. A bullish engulfing pattern occurred at the $29 barrier level, indicating a major change in direction. The first obstacle to silver’s slide is the $28 mark.  The price went up to $29 last week and then up to $30. The white metal broke through the $30 resistance level. Because the bulls were able to cling onto their positions, the price is currently quite near to the $32 mark.

Silver is currently trending upward and trading above significant dynamic support levels. The QQE MOD further indicates the buying direction.

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