Silver (XAGUSD) Price May Break Up $32 Zone

Buyers’ pressure double

SILVER Price Analysis – 06 March

It will try to climb up into the $33–$34 range if the price is higher than $32 and many people are buying it. If sellers are able to hold the $32 price level and the $31 support level is broken, the price of silver may decline and test the $30 and $29 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $32, $33, $34

Support levels: $31, $30, $29

XAGUSD Long-term trend: Bullish

The outlook on the daily silver chart is bullish. The silver market appeared to be controlled by purchasers for a few weeks. Due to higher buyer demand, prices peaked at $32 over the previous month. The white metal began to decline below its previous high of $31 at that time when purchasing persisted on the level and bears stepped in to stop them. There has been bearish activity all day since it seems that the bears have a lot of momentum. A double bottom chart pattern appeared at $28 level and the market began to incline to the $32 barrier.

The histogram is skewed above zero, and the price of silver is above the Hull Suite forex signals indicator. The QQE MOD, one of the top forex signal indicators, is currently showing a positive signal. It will try to climb up into the $33–$34 range if the price is higher than $32 and many people are buying it. If sellers are able to hold the $32 price level and the $31 support level is broken, the price of silver may decline and test the $30 and $29 support levels.

 

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of the XAGUSD indicates an upward trend. A double bottom chart pattern emerged close to the $28 barrier, indicating a substantial shift in direction. The $29 threshold is Silver’s first challenge. Exceeding the pre-established price cutoff was prohibited. Due of the significant buying power of the clientele, costs are currently around $32 per unit.
At the moment, silver is trading above the important dynamic support levels. The buy directive is used more frequently in the QQE MOD.

Start using a world-class auto trading solution

You can purchase Lucky Block here. Buy LBLOCK