Silver (XAGUSD) Price Is Currently Dropping and Approaching $27 Level

Sellers are exerting more pressure

SILVER Price Analysis –25 July

Should a substantial quantity of purchasing activity occur and Silver surpasses $31, it will endeavor to attain the $32–$33 bracket. If sellers are able to maintain the $31 price level and the $30 support level is broken, silver’s price may fall and test the $28 and $27 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $28, $29, $30

Support levels: $27, $26, $25

XAGUSD Long-term trend: Bearish

The long-term outlook for silver is not favorable. Increased customer demand was the reason for the roughly $31 price rise from the previous month. The white metal reached its previous high at the $32 barrier level as buyers held onto the level and bulls increased their efforts to frustrate sellers’ attempts. A big daily bearish candle appeared two weeks ago when the bulls were unable to break above the $32 barrier level. At initially, the market was erratic, ranging from $31 to $30. The price is currently dropping and approaching $27 level.

In addition to the silver price being below the Hull Suite forex signals indication, the histogram is skewed below zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. If there is a significant amount of buying activity and the price is more than $28, it will try to reach the $29 -$30 range. Silver’s price may drop and test the $26 and $25 support levels if sellers are able to hold the $28 price level and the $27 support level is breached.

XAGUSD Medium-term Trend: Bearish

The XAGUSD 4-hour chart shows a downward trend. A bearish engulfing pattern formed at the $29 barrier level, indicating a big change in direction. The first obstacle to silver’s slide is the $28 mark. Price decreases occurred last week, first to $29 and then to $28. The white metal broke through the $28 support level. The sellers are currently exerting pressure on the price, and the price is against the $27 support level.

Silver is currently declining and trading below significant dynamic support levels. The QQE MOD further illustrates the selling direction.

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