Today’s technical analysis for Silver (XAG/USD) indicates a slight downturn in price, currently trading at $28.30, a reduction of 0.18%. The market’s pivot point stands at $28.10, slightly below the current price, hinting at potential support.
If the price holds above this level, it may regain upward momentum, aiming for immediate resistance at $29.57, with further resistance at $30.51 and $31.48.
Support levels are identified at $27.32, $26.52, and $25.68. A break below the pivot could trigger a decline towards these levels. The 50-day Exponential Moving Average (EMA) at $28.09 and the 200-day EMA at $26.21 reinforce these technical findings.
Overall, the market outlook for Silver remains cautiously optimistic above the pivot point of $28.10, but any movement below this critical threshold could lead to a sharp sell-off.
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.