Buyers may continue to hold Silver market
SILVER Price Analysis – 29 February
Should there be significant buying pressure, a price breach of $22 would target the $23–24 range. Silver’s price may drop and test the $20 and $19 support levels if sellers can maintain the $22 price level and the $21 support level is breached.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bullish
Silver’s long-term prospects are bleak. The price last year broke through the $26 barrier as buyer demand increased. The white metal reached its previous high at the $26 barrier level as buyers held onto the previously mentioned level and bulls boosted pressure to thwart the sellers’ efforts. Bears were able to push the price down to $21 a few days ago. Price is moving back toward the $22 region following the formation of a strong bullish candle. The market was dominated by purchasers last week, and the price is currently testing $22 level.
A histogram above zero shows that the silver price is currently trading above the Hull Suite signal. One of the best indicators for forex signals, the QQE MOD, is currently displaying a positive signal. Should there be significant buying pressure, a price breach of $22 would target the $23–24 range. Silver’s price may drop and test the $20 and $19 support levels if sellers can maintain the $22 price level and the $21 support level is breached.
XAGUSD Medium-term Trend: Bullish
The 4-hour chart of XAGUSD shows an upward trend. A good turnaround was signaled by a bullish engulfing candle pattern close to the $21 barrier level. $23 is a barrier at the start of silver’s ascent. The price rose to $23 as a result of the buyers’ steadfast preservation of the previously stated amount. The price increased yesterday, approaching $22. Right now, the white metal is trading higher than $21 level.
The price of silver is showing signs of an upward trend as it is presently trading above significant dynamic resistance levels. The buy direction is indicated by the QQE MOD.
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