Usman Salis
Silver (XAG) maintains its bullish momentum, trading around $32.35 after attracting dip-buyers near $31.90. Technical indicators support further upside, with key resistance levels at $32.55 and $33.40.
XAG Remains Bullish Above $32.35 Amid Strong Buying Interest
Silver (XAG) continues its uptrend, holding firm around the $32.35 level in the European session. The white metal rebounded from the $31.90 region, where dip-buyers stepped in to support prices, limiting the retracement from last week’s high of $33.40. Currently, XAG is up nearly 0.50% for the day, showing resilience against selling pressure.
XAG Bulls Target Key Resistance at $32.55 and Beyond
From a technical perspective, silver remains bullish after breaking above the 100-day Simple Moving Average (SMA). Strong buying interest on Monday reinforced the upside bias, and technical indicators signaled further gains. However, a decisive move above the $32.55 resistance level is crucial for confirming the next leg higher.
If bulls maintain control, XAG could push toward the $33.00 round figure before retesting last Friday’s peak of $33.35-$33.40. A sustained rally may extend toward the $34.00 mark, with the next major hurdle appearing at $34.45 and the multi-year high of $35.00 reached in October.
XAG Finds Strong Support Near $31.90 and 100-Day SMA
On the downside, silver’s immediate support lies at the $31.90 zone, where dip-buyers have been active. Below this, the 100-day SMA at $31.20 serves as a critical defense for the bulls. Any sustained drop under $31.00 could shift the short-term trend bearish, exposing silver to further downside risks.
A breakdown below $31.00 might trigger a decline toward the $30.25 support, with further losses potentially testing the psychological $30.00 mark. The final key support stands at the $29.55-$29.50 range, where buyers could attempt to stabilize the metal.
Conclusion
Silver’s overall outlook remains bullish as long as it holds above the 100-day SMA. A push beyond $32.55 could ignite fresh momentum toward multi-month highs, while failure to sustain gains may lead to a deeper pullback. Traders will closely watch resistance and support levels in the coming sessions for potential breakout signals.
Usman Salis
