September 28th Spot Silver Intraday Analysis
Spot silver opened with a gap down and weakened in the Asian session. Market moves have been erratic—don’t get stuck on short-term gains or losses. Follow the trend; a rational setup is the long-term approach.
Fed hawkish remarks have continued to intensify, raising expectations for further rate hikes. The US dollar and Treasury yields have remained at high levels. Precious metals are under overall pressure; silver has weakened in tandem with gold, and downside momentum has been released to some extent.
From a purely technical perspective, after the market open silver saw consolidation followed by a downward move. In the short term, it stepped lower in stages, and the intraday bearish trend is clear.
For resistance, keep an eye on the 63.80–64.20 zone. If price rebounds into this area and faces pressure, you may consider placing sell orders in line with the trend. Downside targets to watch are 62.80 first, and if it breaks further down, focus on the 62.30 level. If price can hold above the 64.20 resistance, only then would the weak setup be somewhat alleviated.
For intraday trading, prioritize selling on rebounds, with occasional long entries on dips as a secondary approach. Enter short positions when the rebound meets resistance in the 63.5–64.2 area. Downside targets are 63.2, 62.8, and 62.3.
The above is only personal advice for reference and does not constitute investment guidance. Please follow the specific layout by Cheng Jingsheng Shiyan!
$XAG #xag