Silver (XAG/USD) is trading at $28.86, up 1.09% on the day, indicating strong bullish momentum. The 4-hour chart shows a pivot point at $28.66, with immediate resistance at $29.15, followed by $29.45 and $29.89. Support levels are located at $28.17, $27.78, and $27.30.
The 50-day EMA at $28.67 suggests a short-term uptrend, while the 200-day EMA at $29.38 indicates long-term resistance. An upward channel supports the buying trend above $28.17, with the 50-day EMA further reinforcing the bullish outlook.
Silver’s outlook remains bullish above $28.66, but a break below this pivot point could trigger a significant sell-off.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.