Silver (XAG/USD) is trading at $27.92 on the 4-hour chart, up 0.18%. The pivot point is $28.19, which is crucial for market direction. Immediate resistance is at $28.57, with further resistance at $28.96 and $29.46. Immediate support is found at $27.42, followed by $26.96 and $26.54.
Technical indicators show the 50-day Exponential Moving Average (EMA) at $28.70 and the 200-day EMA at $29.53. Silver has formed a descending triangle, extending resistance near the $28.20 mark.
The outlook is bearish below $28.19. A break above this level could shift sentiment to bullish while staying below suggests continued bearish pressure.
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.