Silver (XAG/USD) is currently trading at $29.16, marking a 0.30% increase. The pivot point is $29.08, indicating a crucial level for upcoming movements. Immediate resistance levels are set at $29.81, $30.14, and $30.62. On the downside, support levels are identified at $28.75, $28.37, and $27.99.
The 50-day Exponential Moving Average (EMA) is at $29.93, while the 200-day EMA is at $29.48, both indicating resistance zones. Technical indicators suggest a bearish outlook below $29.85. A break above this level could signal a bullish trend.
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.