Silver is trading at $30.39, down 1.29%. On the 4-hour chart, the pivot point is $30.26. Key resistance levels are $30.97, $31.49, and $32.24, while support levels are $29.80, $29.23, and $28.81. The 50-day EMA stands at $31.03, and the 200-day EMA is at $29.31.
Technically, silver has gained support around the $30.26 level, with a doji candle formation suggesting a potential bullish bounce. However, silver has also broken below an upward trend line near $30.97, indicating resistance at this level. The 50-day EMA also suggests resistance around $30.95.
Given the current market conditions, silver has the potential to bounce above the $30.25 level, targeting $31. However, the overall trend remains bearish, and a break below $30.25 could lead to a decline towards the support levels of $29.79 and $29.23, with the latter being extended by the 200-day EMA. Silver remains bullish above $30.26, but a break below this level could drive a sharp selling trend.
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.