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Silver (XAG) Daily Forecast: Steady at $31.36 Amid Weaker USD; Sell-off Ahead?

By:
Arslan Ali
Published: May 28, 2024, 07:47 GMT+00:00

Key Points:

  • Silver (XAG/USD) holds steady at $31.36, supported by a weaker USD and Middle East tensions.
  • Traders eye US Consumer Confidence, Core PCE, and Fed speeches for potential market impact.
  • Fed's hawkish stance may delay rate cuts, strengthening USD and pressuring silver prices.
Silver (XAG) Daily Forecast: Steady at $31.36 Amid Weaker USD; Sell-off Ahead?

In this article:

Market Overview

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver - Chart
Silver – Chart

Silver (XAG/USD) is trading at $31.36, up 0.27% on the 4-hour chart. The pivot point, marked at $31.87, is critical for determining market direction. Immediate resistance levels are identified at $32.39, $33.11, and $33.60.

On the downside, immediate support is observed at $30.95, followed by $30.06 and $29.44. The 50-day Exponential Moving Average (EMA) is positioned at $30.62, indicating a bullish trend as the current price is above this level. The 200-day EMA stands at $28.66, reinforcing long-term support.

The outlook for silver remains bearish below the pivot point of $31.87. A break above this level could shift sentiment to a bullish bias, with higher resistance levels to target. Conversely, staying below $31.87 may lead to further downside pressure.

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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