Silver (XAGUSD) Price May Retest Previous Low at $27

Silver’s market under bearish pressure

SILVER Price Analysis – 26 December

It will try to climb up into the $31–$32 range if the price is higher than $30 and many people are buying it. If sellers are able to hold the $30 price level and the $29 support level is broken, the price of silver may decline and test the $28 and $27 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $30, $31, $32

Support levels: $29, $28, $27

XAGUSD Long-term trend: Bearish

The daily silver chart indicates a pessimistic outlook. The silver market appeared to have been controlled by purchasers for a few weeks. Due to a surge in customer demand, prices increased by $34 from the previous month. The white metal reached its prior peak of $34 when purchasing proceeded on the level and bears stepped in to stop them. For the last two weeks, the momentum of bulls and bears seems to be equal, resulting in a range movement. The market began to decline after it reached the aforementioned level and a double top chart pattern appeared. The price is declining in the direction of the $28 barrier.

The histogram is skewed below zero, and the price of silver is below the Hull Suite forex signals indicator. The QQE MOD, one of the top forex signal indicators, is currently showing a negative signal. It will try to climb up into the $31–$32 range if the price is higher than $30 and many people are buying it. If sellers are able to hold the $30 price level and the $29 support level is broken, the price of silver may decline and test the $28 and $27 support levels.

XAGUSD Medium-term Trend: Bearish

The 4-hour chart of the XAGUSD indicates a downward trend. A double top chart pattern emerged close to the $31 barrier level, indicating a substantial shift in direction. The $29 mark is the first barrier to silver’s decline. The predefined cutoff point could not be exceeded by prices. Due of poor customer purchasing power, costs are currently approaching $28 per unit.

At the moment, silver is trading below important dynamic support levels. There are additional examples of the sell directive in the QQE MOD.

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