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Silver (XAG) Daily Forecast: Prices Dip to $31.30, Bearish Trend Persists

By:
Arslan Ali
Published: May 30, 2024, 07:41 GMT+00:00

Key Points:

  • Silver price (XAG/USD) under pressure around $31.30, hitting an intraday low of $31.15.
  • Stronger US Dollar and higher yields reduce expectations of a Fed rate cut.
  • Middle East geopolitical tensions may support silver, but other market factors drive declines.
Silver (XAG) Daily Forecast: Prices Dip to $31.30, Bearish Trend Persists
In this article:

Market Overview

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver - Chart
Silver – Chart

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.

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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