Silver (XAG/USD) is trading at $28.86, up 1.09% on the day, indicating strong bullish momentum. The 4-hour chart shows a pivot point at $28.66, with immediate resistance at $29.15, followed by $29.45 and $29.89. Support levels are located at $28.17, $27.78, and $27.30.
The 50-day EMA at $28.67 suggests a short-term uptrend, while the 200-day EMA at $29.38 indicates long-term resistance. An upward channel supports the buying trend above $28.17, with the 50-day EMA further reinforcing the bullish outlook.
Silver’s outlook remains bullish above $28.66, but a break below this pivot point could trigger a significant sell-off.
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.