Silver Holds Steady Above Mid-$32.00s, Surpasses One-Week High
Silver (XAG/USD) oscillated in a narrow range during the Asian session on Friday (03/07) and is currently trading above mid-$32.00s, nearing its highest level in over a week touched the previous day. Moreover, the near-term bias seems tilted towards bullish traders and supports prospects for an extension of the weekly uptrend.
The recent bounce from sub-$31.00 levels, nearing the 100-day Exponential Moving Average (EMA), and the fact that oscillators on the daily chart have just started gaining positive traction validate the constructive outlook for XAG/USD. Hence, some follow-through strength beyond the $33.00 mark, towards February monthly swing highs around the $33.40 area, looks a real possibility.
The momentum could extend further towards the next relevant hurdle near the $33.60-$33.70 area before XAG/USD climbs further towards the $34.00 round figure en-route the $34.50-$34.55 resistance zone. The white metal might then aim to challenge multi-year highs, closer to the $35.00 psychological mark touched in October 2024.
On the flip side, the $32.30-$32.25 horizontal resistance breakout, which coincides with the overnight swing low, might still protect the immediate downside ahead of the $32.00 level. This is followed by the $31.80 area, below which
A convincing break below the last will shift the bias in favour of bearish traders and drag XAG/USD towards the $30.00 psychological mark en-route the $29.55-$29.50 support and sub-$29.00 levels, or the YTD low touched in January. Source: FXStreet
