Silver (XAGUSD) Price: Sellers Defend $31 Resistance Level

Sellers are prevailing in Silver’s market

SILVER Price Analysis – 19 December

If the price is greater than $29 and a lot of people are purchasing it, it will attempt to move up into the $30–$31 zone. The price of silver may drop and test the $27 and $26 support levels if sellers are able to maintain the $29 price level and the $28 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $29, $30, $31

Support levels: $28, $27, $26

XAGUSD Long-term trend: Bearish

The silver daily chart shows a bearish outlook. For several weeks, the silver market seemed to have been dominated by buyers. Prices were $34 higher than the previous month due to an increase in consumer demand. When buying continued on the level and bears intervened to halt them, the white metal touched its previous peak of $34. The momentum of bulls and bears appears to be equal for the past two weeks, creating a range movement. When the market hit mentioned level and a double top chart pattern was seen, the market started to fall. The price is moving downward toward the $28 barrier.

The price of silver is below the Hull Suite forex signals indicator, and the histogram is skewed below zero. One of the best forex signal indicators, the QQE MOD, is currently displaying a negative signal. If the price is greater than $29 and a lot of people are purchasing it, it will attempt to move up into the $30–$31 zone. The price of silver may drop and test the $27 and $26 support levels if sellers are able to maintain the $29 price level and the $28 support level is breached.

XAGUSD Medium-term Trend: Bearish

The XAGUSD’s 4-hour chart shows a decreasing trend. Near the $31 barrier level, a double top chart pattern formed, signaling a significant change in direction. The first obstacle to silver’s fall is the $29 mark. Prices could not exceed the predetermined cutoff point. Costs are currently going toward $28 per unit due to consumer purchasing low power.

Silver is currently trading below significant dynamic support levels. The QQE MOD has more instances of the sell directive.

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