Silver (XAGUSD) Price: Buyers May Push Price Above $24 Level
Login

Silver (XAGUSD) Price: Buyers May Push Price Above $24 Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Buyers may continue to dominate Silver market

SILVER Price Analysis – 07 March

Should there be significant buying pressure, a price breach of $22 would target the $23–24 range. Silver may drop and test the $20 and $19 support levels if sellers can maintain the $22 price level and the $21 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $24, $25, $26

Support levels: $23, $22, $21

XAGUSD Long-term trend: Bullish

The long-term outlook for silver is bullish. Last year, as buyer demand grew, the price burst through the $25 barrier. The white metal hit its previous high at the $26 barrier level as bulls increased pressure to frustrate sellers’ attempts while buyers held onto the previously mentioned level. At the beginning of this year, bears managed to drive the price down to $21. After a big bullish candle formed, the price is now returning to the previous high. Last week, buyers controlled the market, and the price is currently testing the $24 threshold.

Silver (XAGUSD) Price: Buyers May Push Price AboveLevel

The silver price is currently trading above the Hull Suite signal, as indicated by a histogram above zero. The QQE MOD, one of the greatest indicators for forex signals, is showing a bullish signal right now. If the market experiences strong purchasing pressure, a price breach of $24 would aim for the $25–26 region. If sellers are able to hold the $24 price level and the $23 support level is breached, silver’s price may fall and test the $22 and $21 support levels.

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart exhibits an increasing trend. A bullish engulfing candle pattern near the $21 barrier level indicated a strong turnaround. The initial barrier on silver’s rise is $23.  The buyers’ unwavering preservation of the previously agreed upon sum caused the price to increase above $23 level. Yesterday, the cost went up to about $23. The white metal is currently trading at the $24 zone.

Silver (XAGUSD) Price: Buyers May Push Price AboveLevel

Silver’s price is currently trading above important dynamic resistance levels, indicating an upward trend. The QQE MOD indicates the buy direction.

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News