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