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Buyers’ pressure is increasing in Silver market
SILVER Price Analysis – 09 May
Should substantial buying activity be observed, a price breach of $28 would aim for the $29–30 region. If sellers can hold the $28 price level and the $27 support level is broken, silver’s price may fall and test the support levels of $26 and $25 levels.
XAGUSD Market
Key Levels:
Resistance levels: $28, $29, $30
Support levels: $27, $26, $25
XAGUSD Long-term trend: Bullish
The long-term picture for silver is good. When customer demand surged last month, Silver price went up by over $29. The white metal hit its previous high at the $29 barrier level as buyers held onto the level as bulls stepped up their efforts to frustrate sellers’ attempts. Two weeks ago, Bulls failed to break over the $29 barrier level, and a strong daily bearish candle developed. As a result, the market declined and tested $26 level. After hitting $26 level, the price of silver rebounded and currently heading toward the previous high.
The silver price can overcome the Hull Suite forex signals indicator when the ascending histogram is above zero. The QQE MOD, one of the greatest indicators for forex signals, is currently showing a bullish signal. Should substantial buying activity be observed, a price breach of $28 would aim for the $29–30 region. If sellers can hold the $28 price level and the $27 support level is broken, silver’s price may fall and test the support levels of $26 and $25 levels.
XAGUSD Medium-term Trend: Bullish
XAGUSD 4-hour chart exhibits an inclining trend. At the $29 barrier level, a bearish pattern developed, signaling a significant shift in direction. The initial barrier to silver’s decline is $28. Owing to the sellers’ unshakable commitment, the price exceeded the initial amount that was agreed upon. The price dropped by more than $27 last week after surpassing $28. The $27 support level was breached by the white metal. Bears could not hold the position and the price is currently bouncing towards $28 level.
Silver is currently rising and trading above significant dynamic resistance levels. The buy direction is also indicated by the QQE MOD.
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