Silver (XAGUSD) Price Rebounds at $28 Support Level

Buyers defend $28 barrier

SILVER Price Analysis – 09 January

It will try to climb up into the $32–$33 zone if the price is higher than $31 and many people are buying it. If sellers are able to hold the $31 price level and the $30 support level is broken, the price of silver may decline and test the $29 and $28 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $31, $32, $33

Support levels: $30, $29, $28

XAGUSD Long-term trend: Bullish

The daily silver chart displays a optimistic view. The silver market appeared to be controlled by sellers for a few weeks. Due to an increase in sellers’ demand, prices decreased by $29 over the previous month. The white metal reached its prior low of $29 when purchasing proceeded on the level and bears stepped in to stop them. For the previous week, there has been a bullish movement because the bulls’ momentum seems to be strong. The market began to incline after a double bottom chart pattern appeared when it struck the $29 barrier level. Prices are increasing in the direction of $31.

The histogram is skewed above 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 $32–$33 zone if the price is higher than $31 and many people are buying it. If sellers are able to hold the $31 price level and the $30 support level is broken, the price of silver may decline and test the $29 and $28 support levels.

XAGUSD Medium-term Trend: Bullish

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 level is the first barrier to silver’s decline. The set cutoff point for prices was not to be exceeded. Due to poor customer purchasing power, costs are currently close to $28 per unit.

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

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