Silver (XAGUSD) Price Decreasing towards $31 Zone

Sellers’ momentum increase

SILVER Price Analysis – 27 February

If the price is greater than $32 and a lot of people are purchasing it, it will attempt to move up into the $33–$34 zone. The price of silver may drop and test the $30 and $29 support levels if sellers are able to maintain the $32 price level and the $31 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $32, $33, $34

Support levels: $31, $30, $29

XAGUSD Long-term trend: Bearish

The daily silver chart shows a negative outlook. For a few weeks, it seemed that buyers ruled the silver market. Prices topped at $32 from the previous month as a result of increased buyers’ demand. When buying continued on the level and bears intervened to halt them, the white metal started to fall below its prior high of $32 at that time. Because the bears’ momentum appears to be strong, there has been bearish action throughout yeterday. When the market hit the $32 barrier, a double top chart pattern emerged and the market started to fall. Prices are decreasing and approaching $31.

The price of silver is below the Hull Suite forex signals indicator, and the histogram is skewed below zero. One of the best forex signal indicators, the QQE MOD, is presently displaying a negative signal. If the price is greater than $32 and a lot of people are purchasing it, it will attempt to move up into the $33–$34 zone. The price of silver may drop and test the $30 and $29 support levels if sellers are able to maintain the $32 price level and the $31 support level is breached.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a decreasing trend. Near the $32 barrier, a double top chart pattern appeared, signaling a significant change in direction. The first obstacle for Silver is the $332 threshold. It was forbidden to go beyond the predetermined price cutoff. Costs are currently about $31 per unit because of the clients’ high selling power.

Silver is currently trading below the significant dynamic support levels. The QQE MOD makes more use of the sell directive.