Silver (XAGUSD) Price: Bullish Trend May Continue

Buyers’ momentum is increasing

SILVER Price Analysis – 22 August

If there is a lot of purchasing activity and the price is above $30, it will try to climb up into the $32–$34 range. Silver may drop and test the $28 and $27 support levels if sellers are able to hold the $30 price level and the $29 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $30, $32, $34

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bullish

The long-term outlook for silver is bullish. Customers’ demand declined, which led to a $27 drop in price from the previous month. The white metal reached its previous low at the $24 barrier level as sellers held onto the level and bulls increased their efforts to frustrate sellers’ attempts. A big daily bullish candle appeared last week when the bears were unable to break below the $24 barrier level. The market rise as high as $29 before rising again. At the moment, the price is targeting $30 resistance level.

In addition to the silver price being above the Hull Suite forex signals indication, the histogram is skewed above zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. If there is a lot of purchasing activity and the price is above $30, it will try to climb up into the $32–$34 range. Silver’s price may drop and test the $28 and $27 support levels if sellers are able to hold the $30 price level and the $29 support level is breached.

 

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart shows an inclining trend. A bullish engulfing pattern formed at the $26 barrier level, indicating a major change in direction. The first obstacle to silver’s slide is the $27 mark. Prices increased last week, first to $29 and then to $30. The white metal broke through the $28 resistance level. The price is inclining and heading near the $30 resistance level as a result of the buyers’ pressure.

Silver is currently trading above significant dynamic support levels. The QQE MOD provides additional illustration of the buying direction.

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