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Buyers are dominating Silver market
SILVER Price Analysis – 15 February
Should significant selling pressure exist, a lower price breach of $22 would target the $21 to $20 range. Silver’s price may rise and test the $24 and $25 resistance levels if buyers can hold the $22 price level and the $23 resistance level is breached.
XAGUSD Market
Key Levels:
Resistance levels: $23, $24, $25
Support levels: $22, $21, $20
XAGUSD Long-term trend: Bullish
The long-term forecast for silver is negative. The price increased to the $26 barrier as buyer demand increased. The white metal hit its previous high at the $26 barrier level as buyers held onto the previously mentioned level and bulls applied more pressure to thwart the sellers’ effort. Bears were able to push the price down to $21 a few days ago. Following the development of a strong bullish candle, the price moved back toward the $23 mark. The market was dominated by buyers last week, and the price is currently above $23 level.
A histogram below zero shows that the silver price is currently trading below the Hull Suite signal. The best forex signal indicator, the QQE MOD, are displaying a negative signal. Should significant selling pressure exist, a lower price breach of $22 would target the $21 to $20 range. Silver’s price may rise and test the $24 and $25 resistance levels if buyers can hold the $22 price level and the $23 resistance level is breached.
XAGUSD Medium-term Trend: Bullish
The 4-hour XAGUSD chart is showing bullish trends. Near the $24 barrier level, a bearish engulfing candle pattern indicated a negative reversal. $24 was a barrier when silver first began to rise. The price fell to the $22 level as a result of the sellers’ strong defense of the previously indicated level. Last week, the price dropped to test the $21 level and bounced up. Right now, the white metal is trading above $22 level.
An uptrend market is indicated by the silver price, which is presently trading above significant dynamic resistance levels. The buy direction is indicated by the QQE MOD.
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