Today’s technical analysis for Silver (XAG/USD) indicates a slight downturn in price, currently trading at $28.30, a reduction of 0.18%. The market’s pivot point stands at $28.10, slightly below the current price, hinting at potential support.
If the price holds above this level, it may regain upward momentum, aiming for immediate resistance at $29.57, with further resistance at $30.51 and $31.48.
Support levels are identified at $27.32, $26.52, and $25.68. A break below the pivot could trigger a decline towards these levels. The 50-day Exponential Moving Average (EMA) at $28.09 and the 200-day EMA at $26.21 reinforce these technical findings.
Overall, the market outlook for Silver remains cautiously optimistic above the pivot point of $28.10, but any movement below this critical threshold could lead to a sharp sell-off.
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.