Silver (XAG/USD) is currently trading at $31.18, down 0.15% on the four-hour chart. The pivot point at $31.55 is crucial for today’s trading. Immediate resistance levels are at $32.29, $32.82, and $33.40.
On the downside, immediate support is found at $30.61, with further support levels at $30.01 and $29.42. Technical indicators show the 50-Day Exponential Moving Average (EMA) at $30.65 and the 200-Day EMA at $29.47.
These indicators suggest a bearish trend if the price remains below the pivot point of $31.55. However, a break above this level could shift momentum towards a more bullish bias.
In conclusion, maintaining below $31.55 indicates a bearish outlook, while a break above could trigger further bullish momentum.
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.