Advertisement
Advertisement

Silver (XAG) Daily Forecast: Bullish at $28.38, Ascending Channel Supports Buying

By:
Arslan Ali
Published: May 14, 2024, 07:26 GMT+00:00

Key Points:

  • Silver (XAG/USD) gains traction, trading at $28.38, reaching an intraday high of $28.50.
  • Rising geopolitical tensions in the Middle East increase safe-haven demand for silver.
  • Fed's hawkish stance and strong US dollar may limit further gains for silver prices.
Silver (XAG) Daily Forecast: Bullish at $28.38, Ascending Channel Supports Buying

In this article:

Market Overview

Silver (XAG/USD) Price Forecast

Silver Price Chart
Silver Price Chart

Silver (XAG/USD) is trading at $28.38, up 0.95%. The 4-hour chart highlights key price levels, with the pivot point at $28.35. Immediate resistance stands at $28.79, followed by $29.24 and $29.64. Immediate support is at $27.96, with further support at $27.53 and $27.10.

The 50-day EMA is at $27.72, while the 200-day EMA is at $26.98. The upward channel on the 4-hour timeframe supports the likelihood of a bullish trend above $28.35. Both the 50 and 200 EMAs indicate a buying trend. The outlook remains bullish above $28.35; however, a break below this level could lead to significant selling pressure.

About the Author

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.

Did you find this article useful?

Advertisement