Silver Price Forecast Rises Near $34.00, Remains Below Multi-Year Tops
Silver (XAG/USD) attracted some buyers during the Asian session on Thursday and for now, seems to have stalled its corrective slide from the $34.85-$34.90 area, or the highest level since October 2012 touched this week. The white metal is currently trading just below the $34.00 round-figure mark, up over 0.50% for the day.
Looking at the broader picture, the recent strength beyond the $32.65-$32.75 supply zone was seen as a fresh trigger for bullish traders. Further, oscillators on the daily chart are holding comfortably in the positive territory, suggesting that the path of least resistance for XAG/USD is to the upside. That said, this week’s false move above a short-term ascending channel extending from August swing lows warrants some caution.
Source: FXStreet