Silver (XAGUSD) Price Retests $29 Level Before Bullish Trend Continue

Bulls’ pressure increase

SILVER Price Analysis – 29 August

If a lot of people are making purchases and Silver is more than $30, it will attempt to rise into 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

Silver’s long-term outlook is positive. The decrease in customer demand resulted in a $27 price decrease from the prior month. The white metal struck its previous low at the $24 barrier level as bulls stepped up their attempts to thwart sellers’ attempts and sellers held onto the level. Last week, a large bullish daily candle emerged as the bears failed to breach below the $24 barrier level. The market surged up to $29 before beginning to rise once more. The price is currently aiming for the $30 resistance level.

The histogram is skewed over zero in addition to the silver price being above the Hull Suite forex signals indication. The QQE MOD, one of the strongest indicators for forex signals, is showing a bullish signal right now. If a lot of people are making purchases and the price is more than $30, it will attempt to rise into 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 chart of XAGUSD exhibits an inclining trend. At the $27 barrier level, a bullish engulfing pattern developed, signaling a significant shift in direction. The $28 threshold is the first barrier to silver’s incline. Last week, prices went up, first to $28 and then to $29. The $29 resistance level was breached by the white metal. The pressure from purchasers is causing the price to incline and move closer to the $30 barrier level.

At the moment, silver is trading above important dynamic support levels. More examples of the buying direction are given by the QQE MOD.

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