- Silver pulls back after hitting a new multi-month peak in early Thursday’s Asian session
- The technical setup leans bullish and may encourage buyers to step in on pullbacks
- A clear drop below the $32.00 level is required to invalidate the current bullish outlook
Silver Pulls Back After Hitting Multi-Week High
Silver (XAG/USD) faced some selling pressure on Thursday after reaching a nearly three-week high around the $33.70 level during the Asian session. This pullback trims a portion of the sharp gains seen in the previous session, with the metal now trading in the $33.35–$33.30 range, down approximately 0.75% for the day. Despite the decline, the overall technical picture suggests buyers may re-emerge on dips.
Technical Setup Supports a Bullish Bias
The recent breakout above a short-term consolidation range, combined with improving momentum indicators on the daily chart, reinforces a positive near-term outlook. This suggests that any additional pullback could find buying interest near the $33.00 round figure, which now acts as an important support zone.
Risk of Deeper Decline if $33.00 Fails
A decisive drop below the $33.00 level may trigger additional selling pressure and push silver prices toward the next support at $32.40. A further breakdown could lead to a test of the $32.10–$32.00 region. Sustained weakness below these levels would imply that the recent rebound from the $28.00 low—recorded earlier this month—has likely lost momentum, potentially opening the door to deeper losses.
Upside Targets if Momentum Resumes
On the upside, a move beyond the $33.70 resistance from the Asian session could see XAG/USD retesting the $34.00 mark. A successful break above this level might pave the way toward the $34.30 barrier and further into the $34.55–$34.60 area, with the next key target near the $35.00 psychological threshold—marking the highest point since October 2024.
Silver 4-hour chart
