Silver (XAGUSD) Price Is Breaking Up $31 Resistance Level

Bulls’ momentum is increasing

SILVER Price Analysis – 19 September

If the pricing is more than $31 and a large number of people are purchasing it, it will attempt to move up into the $32–$33 range. Silver’s price may drop and test the $29 and $28 support levels if sellers are able to hold the $31 price level and the $30 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $31, $32, $33

Support levels: $30, $29, $28

XAGUSD Long-term trend: Bullish

The long-term picture for silver looks good. Prices were down $28 from the previous month as a result of the decline in consumer demand. When selling persisted on the level and bulls intervened to stop them, the white metal reached the $24 barrier level, its previous low. A sizable bullish daily candle formed last two weeks as the bears were unable to break through below the $27 barrier level. The market shot up to $29 and then started to increase again. Right now, the price is trying to cross the $31 threshold.

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 more than $31 and a large number of people are purchasing it, it will attempt to move up into the $32–$33 range. Silver’s price may drop and test the $29 and $28 support levels if sellers are able to hold the $31 price level and the $30 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 rising trend is the $28 mark. Prices increased last week, initially to $28 and later to $29. The white metal broke through the $29 resistance level. Prices are getting closer to the $31 barrier as a result of consumer pressure.

Silver is currently trading above significant dynamic support levels. The QQE MOD has more instances of the purchasing direction.

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