Silver prices today faced a downward adjustment, trading at $28.69, a decrease of 0.65%. Currently, the metal struggles slightly below the crucial pivot point set at $28.09. Despite this dip, the overarching trend supported by a solid upward channel suggests potential for rebound above this level. Immediate resistance is observed at $29.57, with further barriers at $30.51 and $31.48 that could cap upward movements.
Conversely, if the downward pressure persists, silver could test support levels at $27.32, extending to $26.28 and potentially as low as $25.37. The 50-day and 200-day Exponential Moving Averages at $27.84 and $25.80 respectively provide a technical backdrop, suggesting a possible consolidation phase near the $28.69 mark. A breach below $28.09 could precipitate a sharper decline.
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.