Silver (XAGUSD) Price May Retest Previous High at $29

Buyers hold unto Silver market

SILVER Price Analysis – 18 April

Should there be robust purchasing interest, a price breach of $28 would target the $29–30 range. Silver may drop and test the $26 and $25 support levels if sellers are successful in holding the $28 price level and the $27 support level is breached

XAGUSD Market

Key Levels:

Resistance levels: $28, $29, $30

Support levels: $27, $26, $25

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is favorable. When consumer demand increased the previous year, the price went over $25. As buyers stuck onto the previously stated level and bulls strengthened their effort to thwart sellers’ attempts, the white metal hit its prior high at the $26 barrier level. The market is currently climbing after bears failed to maintain the $25 resistance level last week, as a solid daily bullish candle formed. Right now, the price of silver is testing the $28 mark.

A rising histogram above zero indicates that the silver price has surpassed the Hull Suite forex signals indicator. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. Should there be robust purchasing interest, a price breach of $28 would target the $29–30 range. Silver’s price may drop and test the $26 and $25 support levels if sellers are successful in holding the $28 price level and the $27 support level is breached.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of XAGUSD shows an upward trend. The bullish pattern formed at the $25 barrier level, indicating a dramatic change in direction. The first roadblock to silver’s rise is $25.  The price was more than the amount that was initially agreed upon because of the buyers’ unwavering commitment to it. After testing the $26 barrier last week, the price rose to over $26. The white metal is currently testing the $28 resistance level.

Right now, silver is moving higher and is trading above important dynamic support levels. The QQE MOD also indicates the buy direction.

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