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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, 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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