Silver (XAG/USD) is trading at $32.25, up 0.33%. On the 4-hour chart, the pivot point is at $31.87. Key resistance levels are positioned at $32.39, $32.96, and $33.60. Immediate support levels are $31.26, $30.71, and $30.06. The technical indicators reveal the 50-day Exponential Moving Average (EMA) at $30.92 and the 200-day EMA at $28.85.
Silver has broken above the downward trendline around $31.85, indicating a potential bullish trend. The next target on the upside is $32.40, aligning with a double top pattern. If this level is surpassed, the price could further rise to $32.96 and $33.60. However, if silver drops below the pivot point at $31.87, it may trigger a significant 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.