- Summary:
- Silver prices are testing key levels, with bulls eyeing a breakout above 31.30 USD and potential support at 30.75 USD if a pullback occurs.
The Silver (XAGUSD) price sits at 31.12 USD after recent gains, but signs of a potential pullback are emerging. With silver bulls pressing the boundaries, the question is whether they have enough fuel left to drive the next breakout.
Key Levels to Watch
Immediate Resistance: 31.30 USD – A clear break here could trigger a run toward recent highs.
Support Levels: – 30.75 USD – Initial support, likely to attract buyers if prices dip.
29.80 USD– Major support, where bulls could reassert themselves if the trend falters.
What’s Driving the Silver Market?
Silver’s recent push has been buoyed by inflation concerns and the metal’s safe-haven appeal. With the Fed hinting at rate adjustments, silver traders are closely monitoring the market for clues on the next move. Though silver has enjoyed a solid run, upcoming U.S. economic data could add some turbulence, especially if inflationary pressures ease. Bulls need a solid break above 31.30 USD to extend the rally, while a slip below 30.75 USD might see sellers stepping back in.
Final Thoughts
Silver remains a metal to watch, but with support and resistance levels narrowing, a decisive move could be around the corner. Traders should stay alert to see if silver can maintain its upward momentum or if a retracement is in the cards.