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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?

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 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.

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