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 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.