Silver (XAGUSD) Price Is Struggling to Break Up $22 Level
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Silver (XAGUSD) Price Is Struggling to Break Up $22 Level

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Azeez Mustapha

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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.

Silver (XAGUSD) Price Is Struggling to Break Up $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.

Silver (XAGUSD) Price Is Struggling to Break Up $22 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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