Silver (XAGUSD) Price May Retest Previous High at $30 Level

Buyers momentum increase

SILVER Price Analysis –01 August

When the price is above $29 and there is a lot of purchasing activity, it will attempt to move up into the $30–$31 zone. If sellers are able to maintain the $29 price level and the $28 support level is broken, silver’s price may fall and test the $27 and $26 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $29, $30, $31

Support levels: $28, $27, $26

XAGUSD Long-term trend: Bearish

Silver’s long-term prospects are good. There was an approximate $31 price increase from the prior month due to increased client demand. The white metal hit its previous high at the $32 barrier level as bulls stepped up their efforts to thwart sellers’ attempts and buyers held onto the level. Two weeks ago, when the bulls were unable to break above the $32 barrier level, a large daily bearish candle developed. The market tested $27 level and bounced up. The price is presently inclining and getting close to previous high at $29.

The histogram is skewed below zero in addition to the silver price being below the Hull Suite forex signals indication. The QQE MOD, one of the greatest indicators for forex signals, is currently showing a bearish signal. When the price is above $29 and there is a lot of purchasing activity, it will attempt to move up into the $30–$31 zone. If sellers are able to maintain the $29 price level and the $28 support level is broken, silver’s price may fall and test the $27 and $26 support levels.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of XAGUSD indicates an inclining trend. At the $29 barrier level, a bearish engulfing pattern developed, signaling a significant shift in direction. The $28 threshold is the initial barrier to silver’s decline. Last week, prices dropped, first to $29 and then to $28. The $28 support level was breached by the white metal. The price is currently up towards the $29 resistance level as a result of the buyers’ pressure.

At the moment, silver is rising and trading above important dynamic support levels. The buying direction is further illustrated by the QQE MOD.

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