Silver (XAGUSD) Price Repels From $31 Resistance Level

Silver market is decreasing towards $30 level

SILVER Price Analysis –18 July

Should a substantial quantity of purchasing activity occur and the price surpasses $31, it will endeavor to attain the $32–$33 bracket. If sellers are able to maintain the $31 price level and the $30 support level is broken, silver’s price may fall and test the $28 and $27 support levels.

XAGUSD Market

Key Levels:

Resistance levels: $31, $32, $33

Support levels: $30, $28, $27

XAGUSD Long-term trend: Bearish

Silver’s long-term prospects are not good. The approximately $31 price increase from last month was caused by increased consumer 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 failed to break above the $32 barrier level, a large daily bearish candle emerged. The market was volatile at first, fluctuating between $31 and $30. Right now, the price is declining and getting closer to $30.

The histogram is skewed below zero in addition to the silver price being at the Hull Suite forex signals indicator. The QQE MOD, one of the strongest indicators for forex signals, is showing a bearish signal right now. Should a substantial quantity of purchasing activity occur and the price surpasses $31, it will endeavor to attain the $32–$33 bracket. If sellers are able to maintain the $31 price level and the $30 support level is broken, silver’s price may fall and test the $28 and $27 support levels.

XAGUSD Medium-term Trend: Bearish

The 4-hour XAGUSD chart exhibits a declining trend. At the $29 barrier level, a bullish engulfing pattern developed, signaling a significant shift in direction. The $28 threshold is the initial barrier to silver’s decline. Last week, the price increased to $29 and subsequently to $30. The $30 resistance level was breached by the white metal. The price is currently oppose by the sellers’ pressure and the price is facing $30 support level.

At the moment, silver is trading below important dynamic support levels and is decreasing. The selling direction is further shown by the QQE MOD.

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