Silver (XAGUSD) Price Tests $29 Level to Commence Bullish Trend

Azeez Mustapha

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Silver market is increasing towards $30 level

SILVER Price Analysis – 04 July

Should there be substantial purchasing activity and the price surpasses $30, it will endeavor to attain the $31–$32 bracket. 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 prospects are bleak. The nearly $31 price hike from last month was caused by a rise in customer 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 were unable to break above the $32 barrier level, a large daily bearish candle developed. The market was volatile at first, fluctuating between $29 and $30. Right now, the price is increasing towards $30 level.

The histogram is inclining above zero, and the price of silver is at the Hull Suite forex signals indicator. The QQE MOD, one of the greatest indicators for forex signals, is currently showing a bullish signal. Should there be substantial purchasing activity and the price surpasses $30, it will endeavor to attain the $31–$32 bracket. 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 XAGUSD chart displays an inclining trend. At the $29 barrier level, a bullish pattern known as a bullish engulfing occurred, signaling a significant shift in direction. The $28 threshold is the initial barrier to silver’s decline.  Last week, the price rise to $29 and then increased towards $30. The $29 support level was breached by the white metal. The price is currently quite close to the $30 level, as the bulls were able to hold onto their positions.

At the moment, silver is inclining and trading above important dynamic support levels. The buying direction is further shown by the QQE MOD.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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