Silver (XAG/USD) is trading at $31.30, down 0.88%. The pivot point at $31.49 is critical for determining the next market direction. Immediate resistance levels are at $32.33, $32.96, and $33.60, while immediate support is found at $30.71, $30.06, and $29.37.
Technical indicators show the 50-day Exponential Moving Average (EMA) at $31.10 and the 200-day EMA at $29.02. A bearish engulfing pattern on the 4-hour chart supports the likelihood of a downtrend.
The outlook remains bearish below $31.50, suggesting that a break above this level could boost bullish momentum.
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.