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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 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.

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