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Silver (XAG) Daily Forecast: Geopolitical Tensions Boost Demand at $32.25; More Buying?

By:
Arslan Ali
Published: May 29, 2024, 07:36 GMT+00:00

Key Points:

  • Silver prices (XAG/USD) dropped to $31.82 amid hawkish Federal Reserve remarks and strong US data.
  • Rising geopolitical tensions between Israel and Hamas increased demand for safe-haven assets like silver.
  • Traders focus on the Fed’s Beige Book and the upcoming US Core PCE Price Index release.
Silver (XAG) Daily Forecast: Geopolitical Tensions Boost Demand at $32.25; More Buying?

In this article:

Market Overview

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver - Chart
Silver – Chart

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.

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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