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Silver (XAG) Daily Forecast: Trades at $29.56, Bearish Correction Ahead?

By:
Arslan Ali
Published: May 16, 2024, 07:49 GMT+00:00

Key Points:

  • Silver trades at $29.56, boosted by a weaker US dollar and CPI report.
  • Traders focus on US economic data: Building Permits, Housing Starts, Jobless Claims.
  • Hawkish Fed comments could strengthen USD, limiting silver's near-term gains.
Silver Price Chart

In this article:

Market Overview

Silver (XAG/USD) Price Forecast

Silver Price Chart
Silver Price Chart

Silver (XAG/USD) is trading at $29.56, down 0.32%. Key price levels to watch include a pivot point at $29.79. Immediate resistance levels are at $30.30, $30.95, and $31.59. On the support side, immediate levels are at $29.08, $28.51, and $27.92.

Technical indicators present a mixed outlook. The 50-day Exponential Moving Average (EMA) is at $28.26, and the 200-day EMA is at $27.22, both suggesting an overall bullish trend. However, the formation of Doji and Spinning Top candles near the $29.78 resistance level indicates a potential bearish correction.

In conclusion, Silver remains bearish below the pivot point at $29.79. A break above this level could enhance bullish momentum, while failure to surpass it might lead to a further bearish correction towards the $29 mark.

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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