Silver (XAGUSD) Price: Will There Be Continuation of a Bearish Trend?

Bears momentum may increase

SILVER Price Analysis –08 August

If there is a lot of buying activity and the price is above $27, it will try to climb up into the $28–$29 range. Silver may drop and test the $25 and $24 support levels if sellers are able to hold the $27 price level and the $26 support level is breached.

XAGUSD Market

Key Levels:

Resistance levels: $27, $28, $29

Support levels: $26, $25, $24

XAGUSD Long-term trend: Bearish

The long-term outlook for silver is favorable. Due of higher customer demand, there was a $31 price rise from the previous month. The white metal reached its previous high at the $32 barrier level as buyers held onto the level and bulls increased their efforts to frustrate sellers’ attempts. A big daily bearish candle formed three weeks ago when the bulls were unable to break above the $32 barrier level. The market recovered after testing the $27 threshold. Right now, the price is below $27 support level.

In addition to the silver price being below the Hull Suite forex signals indication, the histogram is skewed below zero. One of the best indicators for forex signals, the QQE MOD, is currently displaying a bearish signal. If there is a lot of buying activity and the price is above $27, it will try to climb up into the $28–$29 range. Silver’s price may drop and test the $25 and $24 support levels if sellers are able to hold the $27 price level and the $26 support level is breached.

 

XAGUSD Medium-term Trend: Bearish

The XAGUSD 4-hour chart shows a declining trend. A bearish engulfing pattern formed at the $30 barrier level, indicating a big change in direction. The first obstacle to silver’s slide is the $28 mark. Prices fell last week, first to $29 and then to $28. The white metal broke through the $28 support level. Because of the pressure from sellers, the price is currently moving lower and closer to the $26 support level.

Silver is currently trading below significant dynamic support levels. The QQE MOD further illustrates the selling direction.

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