Silver (XAGUSD) Price: Bullish Reversal Envisaged at $30 Level

Buyers are gathering momentum in Silver market

SILVER Price Analysis – 21 November

If the price is more than $30 and a lot of people are purchasing it, it will attempt to move up into the $31–$32 range. The price of silver may drop and test the $28 and $27 support levels if sellers are able to maintain the $30 price level and the $29 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $30, $31, $32

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bearish

For several weeks, the silver market seemed to have been dominated by bears. Prices were $30 lower than the previous month due to a decline in consumer demand. When buying continued on the level and bears intervened to halt them, the white metal touched its previous peak of $32. The bulls have been able to close above the $33 barrier level for the past two weeks, creating a big bullish daily candle. When the market touched $34, it started to fall. The price turned around at the $34 resistance level and is now heading toward the $29 level.

The price of silver is below the Hull Suite forex signals indicator, and the histogram is skewed below zero. One of the best forex signal indicators, the QQE MOD, is currently displaying a negative signal. If the price is more than $30 and a lot of people are purchasing it, it will attempt to move up into the $31–$32 range. The price of silver may drop and test the $28 and $27 support levels if sellers are able to maintain the $30 price level and the $29 support level is breached.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a sign of upward trend. A bullish engulfing pattern formed at the $30 barrier level, indicating a substantial change in direction. The first obstacle to silver’s rising trend is the $31 level. Prices dropped last week, first to $33, then to $32 and $30. Due to consumer demand, prices are currently increasing towards $32 a unit.
Silver is currently trading above significant dynamic support levels. The QQE MOD has more instances of the buying directive.