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 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.