Silver (XAGUSD) Price Commences a Bearish Trend at $26 Level

Sellers are dominating Silver market

SILVER Price Analysis – 28 March

In the event of significant purchasing pressure, a price breach of $25 would target the $26–27 range. Silver may drop and test the $23 and $22 support levels if sellers can maintain the $25 price level and the $24 support level is broken.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bearish

Silver’s long-term outlook is bearish. As customer demand increased last year, the price went beyond $25. When buyers stayed at the previously mentioned level and bulls applied more pressure to thwart sellers’ attempts, the white metal reached its prior high at the $26 barrier level. Bears managed to hold the $25 resistance level last week, and the market is currently retreating as a robust daily bearish candle has formed. There could be a bearish trend in silver as the Head and Shoulder chart pattern formed.

A histogram above zero is reducing, indicating that the silver price is now gradually decreasing below the Hull Suite forex signals indicator. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. In the event of significant purchasing pressure, a price breach of $25 would target the $26–27 range. Silver’s price may drop and test the $23 and $22 support levels if sellers can maintain the $25 price level and the $24 support level is broken.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of XAGUSD shows a downward trend. A significant turnaround was suggested by the formation of a Head and Shoulder chart pattern at $25 barrier level. The $25 mark is the first obstacle to silver’s ascent.  The price increased above it due to the buyers’ steadfast adherence to the previously decided upon amount. Last week, the price increased to over $24, with a test of $26 level. At the moment, the white metal is declining trading close to the $24 support level.

Silver is currently declining and trading below significant dynamic support levels. Also, the sell direction is indicated by the QQE MOD.

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