Silver (XAGUSD) Price Rebound at $29 Resistance Level

Silver market is increasing towards $30 level

SILVER Price Analysis – 20 June

Should there be substantial purchasing activity and Silver surpass $30 level, it would attempt to enter the $31–$32 region. If sellers are able to maintain the $30 price level and the $29 support level is broken, silver’s price may fall 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: Bullish

The long-term forecast for silver is positive. Due to a rise in customer demand last month, the price went up by more than $31. 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 Bulls were unable to break above the $32 barrier level, a large daily bearish candle emerged. Initially, the market fluctuated between $29 and $30. Right now, the $30 barrier level is is the target.

Silver’s price is above the Hull Suite forex signals indication while the increasing histogram is above zero. The QQE MOD, one of the greatest indicators for forex signals, is currently showing a bullish signal. Should there be substantial purchasing activity and the price surpass $30, it would attempt to enter the $31–$32 region. If sellers are able to maintain the $30 price level and the $29 support level is broken, silver’s price may fall and test the $28 and $27 support levels.

XAGUSD Medium-term Trend: Bullish

The 4-hour XAGUSD chart exhibits an inclining pattern. At the $29 barrier level, a bullish pattern known as a bullish engulfing developed, signaling a significant shift in direction. The $28 threshold is the initial barrier to silver’s decline.  Last week, the price hit $28 level and then bounced toward $30 level. The $29 support level was breached by the white metal. The bulls were able to maintain their position, and at this point the price is very close to $30 level.

At the moment, silver is rising and trading above significant dynamic resistance levels. The buy direction is further indicated by the QQE MOD.

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