Silver (XAGUSD) Price Is Retesting Previous High at $29 Level

Resistance Level of $29 may hold in Silver market

SILVER Price Analysis – 16 May

If there is significant buying activity, a price breach of $29 would target the $30–31 range. Silver may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $27 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $29, $30, $31

Support levels: $28, $27, $26

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is favorable. Last month, as client demand spiked, the price increased by more than $29. The white metal reached its previous peak at the $29 barrier level as bulls increased their efforts to thwart sellers’ attempts and buyers held onto the level. A big daily bearish candle formed two weeks ago when Bulls were unable to break above the $29 barrier level. Consequently, the market began to decline and tested the $26 level. The price of silver rebounded after hitting $26, and it is currently approaching its prior high.

When the rising histogram is above zero, the silver price can exceed the Hull Suite forex signals indicator. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. If there is significant buying activity, a price breach of $29 would target the $30–31 range. Silver’s price may drop and test the $27 and $26 support levels if sellers are able to hold the $29 price level and the $27 support level is breached.

XAGUSD Medium-term Trend: Bullish

The 4-hour XAGUSD chart shows an inclining trend. A bearish pattern formed at the $29 barrier level, indicating a big change in direction. $28 mark is the first obstacle in the way of silver’s slide.  Because of the vendors’ unwavering dedication, the price went above the initial sum that was agreed upon. Last week, the price fell more than $27 after hitting $28. The white metal broke through the $27 support level. The price is currently bouncing towards the $29 mark as the bears were unable to keep their position.

With a current uptrend, silver is trading above important dynamic resistance levels. The QQE MOD also indicates the buy direction.

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