Silver (XAGUSD) Price: Formation of Double Top Chart Pattern

Sellers may dominate Silver market next week

SILVER Price Analysis – 31 October

If the price is over $34 and a lot of people are purchasing it, it will attempt to move up into the $35–$36 range. Silver’s price may drop and test the $32 and $31 support levels if sellers can hold the $34 price level and the $33 support level is broken.

XAGUSD Market

Key Levels:

Resistance levels: $34, $35, $36

Support levels: $33, $32, $31

XAGUSD Long-term trend: Bullish

Silver appears to be under the control of the bulls for many weeks. Due to a drop in customer demand, prices were $31 less than they were the month before. The white metal reached its previous high of $32 when purchasing continued on the level and bears stepped in to stop them. Over the last two weeks, the bulls have been able to close over the $33 barrier level, forming a large bullish daily candle. Before beginning to decline, the market rose to $34. At the $34 resistance level, the price is currently attempting to reverse course.

The histogram is skewed over zero, and the price of silver is above the Hull Suite forex signals indicator. The QQE MOD, one of the top indicators for forex signals, is showing a bullish signal right now. It will try to climb up into the $35–$36 zone if the price is over $34 and many people are buying it. If sellers are able to hold the $34 price level and the $33 support level is broken, the price of silver may decline and test the $32 and $31 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 about $33, and then to maybe $32 and $31. Prices are currently approaching $33 due to consumer demand.
At the moment, silver is trading below important dynamic support levels. Additional examples of the selling directive can be found in the QQE MOD.

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