Silver (XAGUSD) Price: Bulls Are Gaining More Momentum

Silver price increase further towards $32 level

SILVER Price Analysis – 05 December

If the price is more than $32 and a lot of people are purchasing it, it will attempt to move up into the $33–$34 range. The price of silver may drop and test the $30 and $29 support levels if sellers are able to maintain the $32 price level and the $31 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $32, $33, $34

Support levels: $31, $30, $29

XAGUSD Long-term trend: Bullish

On the daily chart, Silver is bullish. 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 silver market has been dominated by bears for the past two weeks, creating a sizable bearish daily candle. When it touched $30, a double bottom chart pattern noticed and the market started to rise. The price is increasing towards the resistance level of $32.

 

The price of silver is above the Hull Suite forex signals indicator, and the histogram is skewed above zero. One of the best forex signal indicators, the QQE MOD, is currently displaying a positive signal. If the price is more than $32 and a lot of people are purchasing it, it will attempt to move up into the $33–$34 range. The price of silver may drop and test the $30 and $29 support levels if sellers are able to maintain the $32 price level and the $31 support level is breached.

XAGUSD Medium-term Trend: Bullish

The XAGUSD’s 4-hour chart shows an inclining trend. A double bottom chart pattern formed near the $30 barrier level, indicating a substantial change in direction. The first obstacle to silver’s incline is the $31 level. Prices breached the just mentioned level. Due to consumer purchase capacity, prices are currently inclining toward $32 per unit.

Silver is currently trading above significant dynamic support levels. The QQE MOD has more instances of the purchase directive.

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