Silver (XAGUSD) Price Currently Approaching $29 Support Level

Bears’ pressure increase in Silver market

SILVER Price Analysis – 14 November

It will try to climb up into the $31–$32 range if the price is over $30 and many people are buying it. If sellers are able to hold the $30 price level and the $29 support level is broken, the price of silver may decline and test the $28 and $27 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $30, $31, $32

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bearish

The silver market appeared to have been controlled by bears for a few weeks. Due to a drop in customer demand, prices were $30 less than they were the month before. The white metal reached its prior peak of $32 when purchasing proceeded on the level and bears stepped in to stop them. For the last two weeks, the bulls have been able to close above the $33 barrier level, forming a large bullish daily candle. The market began to decline after hitting $34. The price is currently moving toward the $29 level after turning around at the $34 resistance level.

The histogram is skewed below zero, and the price of silver is below the Hull Suite forex signals indicator. The QQE MOD, one of the top forex signal indicators, is currently showing a negative signal. It will try to climb up into the $31–$32 range if the price is over $30 and many people are buying it. If sellers are able to hold the $30 price level and the $29 support level is broken, the price of silver may decline and test the $28 and $27 support levels.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of the XAGUSD indicates a declining trend. At the $34 barrier level, a bearish engulfing pattern developed, signaling a significant shift in direction. The $34 level is the first barrier to silver’s upward trajectory. Last week, prices fell, first to may be $33, then to may be $32 and $31. Prices are currently approaching $29 due to consumer demand.

At the moment, silver is trading below important dynamic support levels. There are additional examples of the selling directive in the QQE MOD.

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