Silver (XAG/USD) is trading at $29.05, down 0.16% in the 4-hour chart. The key pivot point is at $29.39, which serves as a critical level for the metal’s immediate price movements. Immediate resistance levels are noted at $29.81, $30.24, and $30.79, indicating potential areas where selling pressure could increase.
On the downside, immediate support is found at $28.67, followed by $28.00 and $27.51, which could act as cushions against further declines. Technical indicators highlight the market’s current sentiment. The 50-day Exponential Moving Average (EMA) stands at $29.74, and the 200-day EMA is at $29.45.
There is notable support around the $28.67 level. If silver consolidates above this support, it could indicate a potential bullish reversal. The market remains bearish below $29.40, but a break above this level could shift the bias towards a more bullish outlook.