Technical Analysis:
XAG/USD is currently testing a significant support level at 29.88, with the 50-period WMA (30.14) and 200-period WMA (30.58) positioned above, highlighting a bearish trend. The recent series of lower highs (LH) and lower lows (LL) further confirms the downward momentum in the silver market.
A breakdown below 29.88 could open the door to further downside targets around 29.50 and 29.20. Alternatively, if the pair manages a rebound from this level, resistance may come into play around 30.20 and 30.50.
Support: 🔻 29.88, 29.50
Resistance: 🔺 30.20, 30.50
Moving Averages:
📉 XAG/USD is trading below both the 50-WMA and 200-WMA, reinforcing a bearish outlook. A decisive move below the current support could indicate sustained downward pressure.
Volume:
📊 Increasing volume as XAG/USD approaches the support level suggests heightened market interest. High volume on a breakdown could support further downside movement.
Key Levels to Watch:
Support: 29.88, 29.50
Resistance: 30.20, 30.50
Outlook:
🚩 XAG/USD is at a pivotal level near 29.88. A breakdown could lead to further losses, while a recovery might encounter resistance near the mentioned levels.
Fundamental Analysis:
Silver prices are impacted by shifts in global economic indicators and investor sentiment towards safe-haven assets. Market participants are closely watching central bank policies and economic data releases, which could influence the demand for silver.
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