Silver (XAGUSD) Price: Will There Be A Breakup Above $27 Level?

Buyers’ pressure increases in Silver market

SILVER Price Analysis – 04 April

In the event of significant purchasing pressure, a price breach of $27 would target the $28–29 range. Silver’s price may drop and test the $25 and $24 support levels if sellers can maintain the $27 price level and the $26 support level is broken.

XAGUSD Market

Key Levels:

Resistance levels: $27, $28, $29

Support levels: $26, $25, $24

XAGUSD Long-term trend: Bullish

Silver’s long-term outlook is bullish. As customer demand increased last year, the price went beyond $25. When buyers stayed onto the previously mentioned level and bulls applied more pressure to thwart sellers’ attempts, the white metal reached its prior high at the $26 barrier level. Bears could not hold the $25 resistance level last week, and the market is currently increasing as a robust daily bullish candle formed. There could be a bearish movement in silver.

A histogram above zero is increasing, indicates that the silver price is now above the Hull Suite forex signals indicator. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bullish signal. In the event of significant purchasing pressure, a price breach of $27 would target the $28–29 range. Silver’s price may drop and test the $25 and $24 support levels if sellers can maintain the $27 price level and the $26 support level is broken.

XAGUSD Medium-term Trend: Bullish

The 4-hour chart of XAGUSD shows an upward trend. The development of the bullish pattern at the $25 barrier level indicated a dramatic turnaround. The first roadblock to silver’s rise is $25.  The buyers’ unwavering commitment to the previously agreed-upon sum caused the price to rise above it. With a test of the $26 barrier, the price rose to over $26 last week. The white metal is currently testing $27 resistance level.

At the moment, silver is increasing and trading above important dynamic support levels. Additionally, the QQE MOD indicates the buy direction.

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