On April 30, Silver is currently trading at $26.9435, marking a decrease of 0.98%. The metal is positioned below its pivot point at $27.64, suggesting a bearish outlook for the day. Should the price fail to rise above this level, potential declines could be anticipated.
Resistance levels are established at $28.79, $29.57, and $30.33, which could limit upward movements if reached. Conversely, support is found at $26.52, with further downside protection at $25.68 and $24.72.
The 50-Day Exponential Moving Average (EMA) at $27.49 and the 200-Day EMA at $26.61 indicate potential resistance and support zones, respectively. The technical setup suggests that remaining below $27.64 might continue to drive bearish sentiment, while a move above this could alter the market dynamics to favor bulls.
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.