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Silver (XAG) Daily Forecast: Will XAG Bounce Back Above $31?

By:
Arslan Ali
Updated: May 21, 2024, 07:19 GMT+00:00

Key Points:

  • Silver prices fell to $31.07 as the US dollar strengthened, influencing market sentiment.
  • Expectations of Fed rate cuts and geopolitical tensions helped limit further declines in silver prices.
  • Traders will focus on Fed officials' comments and FOMC minutes to gauge future market direction.
Silver (XAG) Daily Forecast: Will XAG Bounce Back Above $31?

In this article:

Market Overview

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver Price Chart
Silver Price Chart

Silver prices are currently at $31.70, down 1.38%. The key technical levels to watch include a pivot point at $32.52. Immediate resistance levels are at $33.09, $33.68, and $34.24.

On the downside, immediate support is at $31.44, followed by $30.76 and $30.27. Technical indicators show the 50-day EMA at $29.86 and the 200-day EMA at $28.36.

Silver has completed a 50% Fibonacci retracement at around $31.08. Sustained closes above this level could signal a buying trend. The outlook remains bullish above $31.45, but a break below this level could lead to a sharp selling trend.

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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