Silver (XAGUSD) Price May Incline and Reach $33 Level

Bulls’ momentum is increasing

SILVER Price Analysis – 6 February

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 optimistic. The silver market appeared to be controlled by sellers for a few weeks. Due to a rise in seller demand, prices fell to $29 from the previous month. The white metal also dropped below its previous low of $29 at that time when purchasing persisted on the level and bears stepped in to stop them. Over the past week, there has been bullish activity because the bulls’ momentum seems to be robust. A double bottom chart pattern appeared and the market began to rise when it reached the $29 barrier level. Prices are rising and are getting close to the $32 mark.

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 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 level, indicating a substantial shift in direction. The $30 threshold is Silver’s first roadblock. Exceeding the pre-established price cutoff was prohibited. Due to the considerable purchasing power of customers, costs are currently roughly $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.

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