Silver (XAG) Daily Forecast: Bullish Trend to Continue Above $30?

Arslan Ali
Published: May 24, 2024, 06:41 GMT+00:00

Key Points:

  • Silver rebounds to $30.50 despite strong US economic data suggesting prolonged higher interest rates.
  • Geopolitical tensions in the Middle East boost silver prices as a safe-haven asset.
  • Upcoming Fed speeches and economic data releases could influence silver's short-term price movements.
Silver (XAG) Daily Forecast: Bullish Trend to Continue Above $30?

In this article:

Market Overview

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver - Chart
Silver – Chart

Silver is trading at $30.39, reflecting a 0.88% increase. The 4-hour chart shows a pivot point at $30.05, which is crucial for determining the trend direction. Immediate resistance levels are $30.97, $31.60, and $32.39. On the downside, support levels are $29.44, $28.79, and $28.10.

The 50-day Exponential Moving Average (EMA) is $30.76, and the 200-day EMA is $29.42. The current price being above the 200 EMA suggests a bullish trend, with the upward trendline supporting the potential for further gains, especially above $30.05.

In conclusion, as long as silver remains above the pivot point of $30.05, the outlook is bullish. However, a break below this level could trigger a sharp selling trend.

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.

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