Silver (XAGUSD) Price Getting Closer to $32 Due to Consumers’ Demand

Silver price may surpass $32 level

SILVER Price Analysis – 03 October

If the price of Silver is higher than $32 and a large number of people are purchasing it, it will attempt to move up into the $33–$34 range. Silver’s price may drop and test the $30 and $29 support levels if sellers are able to hold 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: Bullish

The long-term picture for silver seems promising. Prices were $29 less than they were the previous month as a result of a decline in consumer demand. When selling persisted on the level and bulls intervened to stop them, the white metal hit the previous low of $24. Over the past two weeks, the bears have been unable to break through below the $27 barrier level, leading to the construction of a sizable bullish daily candle. The market shot up to $31 and then started to increase again. At this point, the cost is trying to go beyond $32.

In addition to the silver price being above the Hull Suite forex signals indication, the histogram is skewed over zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. If the pricing is higher than $32 and a large number of people are purchasing it, it will attempt to move up into the $33–$34 range. Silver’s price may drop and test the $30 and $29 support levels if sellers are able to hold the $32 price level and the $31 support level is breached.

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart shows an inclining trend. A bullish engulfing pattern formed at the $27 barrier level, indicating a big change in direction. The first obstacle to silver’s upward trend is the $29 mark. Prices increased last week, initially to $30 and later to $31. The white metal broke through the $31 resistance level. Prices are getting closer to $32 due to consumer demand.
Silver is currently trading above significant dynamic support levels. The QQE MOD has more instances of the purchasing direction.

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