Silver is currently trading at $29.59, up 1.25%. The 4-hour chart indicates a pivot point at $29.12, which is crucial for determining market direction. Immediate resistance levels are set at $29.69, $30.04, and $30.34. On the downside, immediate support is at $28.75, followed by $28.37.
The 50-day Exponential Moving Average (EMA) is at $30.39, and the 200-day EMA is at $29.47, suggesting potential resistance ahead. Silver remains bullish above the $29.00 level, but a break below this pivot point could trigger a sharp selling trend.