Silver (XAGUSD) Price: Double Bottom Chart Pattern at $28 Level

Sellers were unable to break down $28 threshold

SILVER Price Analysis – 15 January

If the price is greater than $30 and a lot of people are purchasing it, it will attempt to move up into the $31–$32 range. The price of silver may drop and test the $28 and $27 support levels if sellers are able to maintain the $30 price level and the $29 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $30, $31, $32

Support levels: $29, $28. $27

XAGUSD Long-term trend: Bullish

The daily silver chart shows a positive outlook. For a few weeks, it seemed that sellers ruled the silver market. Prices dropped $29 from the previous month as a result of an increase in sellers’ demand. When buying continued on the level and bears intervened to halt them, the white metal touched its previous low of $29 as well. Because the bulls’ momentum appears to be robust, there has been bullish activity for the past week. When the market hit the $29 barrier level, a double bottom chart pattern emerged, and the market started to rise. The price trend is rising toward $30.

The price of silver is above the Hull Suite forex signals indicator, and the histogram is skewed over zero. One of the best forex signal indicators, the QQE MOD, is presently displaying a positive signal. If the price is greater than $30 and a lot of people are purchasing it, it will attempt to move up into the $31–$32 range. The price of silver may drop and test the $28 and $27 support levels if sellers are able to maintain the $30 price level and the $29 support level is breached.

XAGUSD Medium-term Trend: Bullish

The XAGUSD’s 4-hour chart shows an inclining trend. Near the $28 barrier level, a double bottom chart pattern appeared, signaling a significant change in direction. The first obstacle to silver’s slide is the $30 mark. It was forbidden to go beyond the predetermined price cutoff threshold. Costs are currently about $30 per unit due to high consumer purchasing power.
Silver is currently trading close to significant dynamic support levels. The QQE MOD has more instances of the buy directive.

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