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Silver Price Forecast: Can XAG/USD Break Past $34?

Silver Price Forecast: Can XAG/USD Break Past $34?

Silver Price Forecast: XAG/USD Struggles Below $34 Amid Buyer Uncertainty

Silver (XAG/USD) is facing resistance at $34.00, struggling to gain momentum for a decisive breakout. Despite reaching a yearly high of $34.23, the metal has stalled for the second straight day. As of now, silver trades at $33.97, reflecting a lack of strong bullish control base on silver price forecast.

Silver’s Technical Outlook

On Tuesday, silver traded mostly sideways, closing below the midpoint of its daily candle. This price action indicates a market in balance, where neither buyers nor sellers hold dominance. The Relative Strength Index (RSI) remains near overbought levels, suggesting that bulls may need to pause before attempting another rally.

If silver manages to break above $34.20, the next resistance levels stand at $34.51, followed by the psychological barrier at $35.00. Conversely, if the price dips below $34.00, the first support lies at $33.75, followed by a stronger floor at $33.44.

Key Resistance and Support Levels

  • Resistance:
    • $34.20 – Key breakout level
    • $34.51 – October 30, 2024, peak
    • $35.00 – Strong psychological resistance
  • Support:
    • $33.75 – March 18 low
    • $33.44 – March 17 trough

Market Sentiment and Next Moves

Silver’s recent price action suggests that buyers are cautious, waiting for a clearer trend signal. If bulls can push above $34.20, renewed momentum may drive prices higher. However, if silver remains under pressure, a pullback toward key support levels could occur.

For traders, watching RSI movements and key breakout points will be crucial. A sustained move above resistance could fuel bullish momentum, while a decline under $34.00 may encourage selling pressure.

Stay updated with the latest Forex trading news and silver price forecast on our website: Fixio Markets.

Silver Price Forecast: Can XAG/USD Break Past $34?

Silver price forecast: XAG/USD stalls below $34. Bulls struggle to gain momentum as resistance at $34.51 and $35.00 looms.

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DANIEL JOHN GRADY
Author

Daniel John Grady is a financial analyst and writer. He is a former CFO with a degree in Financial Management and has been published in both English and Spanish. With over ten years of equities trading experience, he is primarily interested in foreign exchange and emerging markets with a focus on Latin America.

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