FX.co ★ Sign | XAG/USD, SILVER

Forecast of Silver According to the H4 time frame chart, the price dropped yesterday, which prompted a test of the 50 EMA line. The price correction was then finished. The purchasers took charge after testing it, and the Silver price increased in a short period. The price is currently declining once more, but this is only a transitory situation because buyers remain strong overall, and the price will increase further to challenge the top levels. On the daily time frame chart, the Silver first showed negative movement. However, when it tested the 12, and 26 EMA lines, the price recovered due to the buoyant buying momentum, and the Silver formed an enormous bullish pin bar candle. The price closed higher than the 32.940 support level.

Since the price would increase, it is better for traders to purchase it. Three weeks ago, the price of Silver tested the support level of 28.702, and it completed the price correction. Before this, the price was lowered with the bears' overwhelming momentum in a single candle, and Silver formed an enormous bearish engulfing candle. Since the price has been climbing for the past three weeks, buyers are in command, and since the price is above the 12, 26, and 50 EMA lines, traders can see where to go next. The next several higher resistance levels are not visible on the daily time frame chart and can only be seen on the weekly and monthly time frame charts. Silver's next goal, the resistance level of 34.495, will soon be tested.