Silver (XAGUSD) Price May Break Up $32 Resistance Line

Bulls are gathering momentum

SILVER Price Analysis – 12 December

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

Silver has a bullish outlook on the daily chart. The silver market appeared to have been controlled by bears for a number of weeks. Due to a drop in customer demand, prices were $30 less than they were the month before. The white metal reached its prior peak of $32 when purchasing proceeded on the level and bears stepped in to stop them. For the last two weeks, bears and bulls’ momentum seems equal, forming a ranging movement. The market began to rise when it hit $30 and a double bottom chart pattern was observed. The price is rising in the direction of the $32 barrier level.

The histogram is skewed over 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 showing a positive signal right now. 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 significant shift in direction was indicated by the formation of a double bottom chart pattern close to the $30 barrier level. The $31 level is the initial barrier to silver’s ascent. Prices surpassed the previously specified threshold. Because of the purchasing power of consumers, costs are currently trending toward $32 per unit.
At the moment, silver is trading above important dynamic support levels. There are additional examples of the buy directive in the QQE MOD.

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