Silver (XAG/USD) Price Forecast: Technical Outlook
Silver (XAG/USD) is currently trading at $27.96, down 3.22%. The price has dropped below key moving averages, with the 50-day EMA at $29.56 and the 200-day EMA at $29.86, indicating a bearish momentum. Immediate support is found at $27.54, with further levels at $27.04 and $26.67, suggesting potential areas where buying interest might emerge.
On the upside, immediate resistance is identified at $28.57, followed by $28.96 and $29.46, indicating levels where selling pressure could reappear if the price attempts to rebound. The pivot point is set at $27.95, and a break below this level could drive a sharp selling trend.
Overall, the outlook remains bullish above the pivot point of $27.95, but if prices fall below this key level, it could trigger further declines, making it crucial for traders to monitor these support and resistance levels closely.
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.