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