Silver (XAGUSD) Price Commences a Bearish Trend

Silver market is heading towards $28 level

SILVER Price Analysis – 13 June

If there were significant buying activity and the price broke $29, it would try to go into the $30–$31 zone. Silver’s price may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $28 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $29, $30, $31

Support levels: $28, $27, $26

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. The price increased by more than $31 last month as a result of an increase in client demand. The white metal reached its previous high at the $32 barrier level as buyers held onto the level and bulls increased their efforts to frustrate sellers’ attempts. A big daily bearish candle formed two weeks ago when Bulls were unable to break above the $32 barrier level. The market first moved in a band of $29 to $30. It is currently testing $28 barrier level.

When the falling histogram is below zero, the price of silver may fall below the Hull Suite forex signals indicator. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. If there were significant buying activity and the price break $29, it would try to go into the $30–$31 zone. Silver’s price may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $28 support level is breached.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart shows a downward trend. A bearish pattern known as a double top formed at the $32 barrier level, indicating a major change in direction. The first obstacle to silver’s slide is the $31 mark.  The price tested $32 last week before falling to roughly $31. The white metal broke through the $30 support level. The price is currently approaching $28 as the bears were able to hold onto their position.

Silver is currently declining and trading below important dynamic resistance levels. The QQE MOD further indicates the direction of the sale.

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