Silver (XAGUSD) Price Experiences Bearish Reversal at $34 Level

Sellers are dominating Silver market

SILVER Price Analysis – 07 November

If the price is higher than $31 and a lot of people are purchasing it, it will attempt to move up into the $32–$34 range. The price of silver may drop and test the $29 and $28 support levels if sellers are able to maintain the $31price level and the $30 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $31, $32, $34

Support levels: $30, $29, $28

XAGUSD Long-term trend: Bearish

For some weeks, silver market seemed to have been dominated by bears. Prices were $30 lower than the previous month due to a decline in consumer demand. When buying continued on the level and bears intervened to halt them, the white metal hit its previous high of $32. The bulls have been able to close above the $33 barrier level for the past two weeks, creating a big bullish daily candle. The market reached $34 before starting to fall. Right now, the price has turned around at the $34 resistance level and heading towards $29 level.

The price of silver is below the Hull Suite forex signals indicator, and the histogram is skewed below zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. If the price is higher than $31 and a lot of people are purchasing it, it will attempt to move up into the $32–$34 range. The price of silver may drop and test the $29 and $28 support levels if sellers are able to maintain the $31price level and the $30 support level is breached.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a downward trend. A bearish engulfing pattern formed at the $34 barrier level, indicating a substantial change in direction. The first obstacle to silver’s rising trend is the $34 level. Prices dropped last week, first to perhaps $33, then to perhaps $32 and $31. Because to customer demand, prices are currently getting close to $30.
Silver is currently trading below significant dynamic support levels. The QQE MOD has more instances of the selling directive.

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