Silver (XAGUSD) Price May Decrease to $27 Zone

Sellers are ruling silver’s world

SILVER Price Analysis – 01 January

If the price is more than $29 and a lot of people are purchasing it, it will attempt to move up into the $30–$31 range. The price of silver may drop and test the $27 and $26 support levels if sellers are able to maintain the $29 price level and the $28 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $29, $30, $31

Support levels: $28, $27, $26

XAGUSD Long-term trend: Bearish

A gloomy outlook is shown by the daily silver chart. For a few weeks, sellers seemed to have dominated the silver market. Prices went up $34 over the previous month due to a spike in client demand. When buying continued on the level and bears intervened to halt them, the white metal hit its previous peak of $34. There has been a bearish movement for the past two weeks as the momentum of bears appears to be strong. When the market hit the resistance level at $31 a double top chart pattern emerged, and the market started to fall. Price declines are occurring toward the $28 threshold.

The price of silver is below the Hull Suite forex signals indicator, and the histogram is skewed below zero. One of the best forex signal indicators, the QQE MOD, is currently displaying a negative signal. If the price is more than $29 and a lot of people are purchasing it, it will attempt to move up into the $30–$31 range. The price of silver may drop and test the $27 and $26 support levels if sellers are able to maintain the $29 price level and the $28 support level is breached.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a declining trend. Near the $31 barrier level, a double top chart pattern appeared, signaling a significant change in direction. The first obstacle to silver’s slide is the $29 level. Prices were not allowed to surpass the predetermined cutoff point. Costs are currently close to $28 per unit as a result of low consumer purchasing power.

Silver is currently trading below significant dynamic support levels. The QQE MOD has more instances of the sale directive.

Start using a world-class auto trading solution

You can purchase Lucky Block here. Buy LBLOCK