Silver (XAG/USD) is currently trading at $27.79, down 0.79%. On the 4-hour chart, silver consolidates near this level, with a strong resistance of around $27.96. While it has crossed above the 50-day EMA at $27.70, indicating some bullish momentum, further upward movement will depend on breaking through the resistance at $28 that’s being extended by a downward trendline.
If silver can surpass this level, the bullish trend could continue. However, if it fails to break above $27.96, we could see a selling trend develop. The key level to watch is $28; above it, buying pressure may increase, while below it, bearish momentum could take hold.
Silver remains bearish below $27.96, but if prices break above this level, the bias could shift to bullish.