Silver (XAGUSD) Price May Commence a Bearish Trend

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Sellers may dominate Silver market soon

SILVER Price Analysis – 21 March

If there is substantial buying pressure on the market, a price breach of $25 would aim for the $26–27 region. If sellers can hold the $25 price level and the $24 support level is breached, silver’s price may fall and test the $23 and $22 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $25, $26, $27

Support levels: $24, $23, $22

XAGUSD Long-term trend: Bullish

The long-term forecast for silver is favorable. The price crossed the $25 threshold last year as consumer demand grew. The white metal hit the previous high at the $26 barrier level as buyers held onto the mentioned level and bulls increased pressure to obstruct sellers’ attempts. Yesterday, bears were able to defend the resistance level of $25 and the price is currently pulling back as a strong daily bearish candle formed. Silver may commence a bearish trend.

Silver price is currently trading above the Hull Suite indications, as indicated by a histogram above zero. The QQE MOD, one of the strongest indicators for forex signals, is showing a bullish signal right now. If substantial buying pressure is on the market, a price breach of $25 would aim for the $26–27 region. If sellers can hold the $25 price level and the $24 support level is breached, silver’s price may fall and test the $23 and $22 support levels.

XAGUSD Medium-term Trend: Bearish

XAGUSD 4-hour chart exhibits a decreasing trend. A bullish engulfing candle formation near the $21 barrier level indicated a strong turnaround. The first roadblock to silver’s rise is the $22 level.  The buyers’ unwavering commitment to the previously agreed-upon amount caused the price to rise above $23. The price went up to over $24 last week, $25 level was tested. The white metal is currently selling toward $24 support level.

Silver is currently trading below important dynamic support levels and is on the decrease. However, the QQE MOD indicates the buy direction.

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