Silver prices (XAG/USD) have risen to $29.74, marking a 0.79% increase on the four-hour chart. The pivot point is positioned at $29.37, with immediate resistance at $30.05, followed by further resistances at $30.86 and $31.57. On the downside, immediate support is at $28.70, with additional support levels at $27.98 and $27.49.
Technical indicators show that the 50-Day Exponential Moving Average (EMA) is at $30.64, while the 200-Day EMA stands at $29.33. Silver is currently trading near the lower boundary of a downward channel around the $29.36 level.
Closing above this level could signal a buying trend, potentially pushing prices higher. In conclusion, the outlook for silver remains bullish above the $29.37 pivot point.
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.