Silver (XAGUSD) Price May Commence a Bearish Trend at $29 Level

Sellers may hold unto Silver market this week

SILVER Price Analysis – 25 April

If buying interest is strong, a price breach of $28 would aim for the $29–30 region. If sellers can maintain the $28 price level and the $27 support level is broken, silver may fall and test the $26 and $25 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $28, $29, $30

Support levels: $27, $26, $25

XAGUSD Long-term trend: Bullish

The long-term forecast for silver is positive. The price jumped by more than $25 the year before as customer demand rose. The white metal hit the previous high at the $26 barrier level as buyers held onto the previously mentioned level and bulls stepped up their efforts to block sellers’ attempts. After bears were unable to hold the $25 resistance level last week, a strong daily bullish candle formed, and the market is again rising. The price of silver reached $29 level and pull back to retest $26 level.

The Hull Suite forex signals indicator is exceeded by the silver price when the rising histogram rises above zero. The QQE MOD, one of the strongest indicators for forex signals, is showing a bullish signal right now. If buying interest is strong, a price breach of $28 would aim for the $29–30 region. If sellers can maintain the $28 price level and the $27 support level is broken, silver’s price may fall and test the $26 and $25 support levels.

XAGUSD Medium-term Trend: Bullish

The XAGUSD 4-hour chart exhibits an increasing trend. At the $25 barrier level, a bullish pattern developed that suggested a significant shift in direction. $25 is the first obstacle to silver’s ascent.  The buyers’ steadfast commitment to it meant that the price exceeded the amount that was first agreed upon. The price increased to more than $26 last week after pushing the $26 mark. The $28 resistance level is was tested by the white metal. Bears are currently defending $29 level.

Silver is currently falling and trading below significant dynamic support levels. The sell direction is also indicated by the QQE MOD.

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