- Silver will fit some buyers on Tuesday and earn a two-day defeat.
- Mixed technical indicators on daily diagrams ensure that bulls are paying attention.
- Modified Foil is considered a purchase option and remains limited.
Silver (XAG/USD) extends its modest rebound from the $32.00 mark—its lowest level in nearly a week—registering slight gains during Tuesday’s Asian session. The white metal has managed to halt a two-day losing streak, currently trading just below mid-$32.00s, up 0.25% for the day.
Technical Outlook
From a technical standpoint, the metal has struggled to sustain moves above the $33.00 level, with repeated failures suggesting caution for bullish traders. Additionally, mixed signals from daily chart oscillators highlight the need for confirmation of sustained strength beyond this key barrier before anticipating a continuation of the broader uptrend from sub-$29.00 levels, recorded in January.
Should XAG/USD gain traction above the $33.00 mark, the next upside targets include the monthly high near $33.40, followed by a potential push towards the $34.00 threshold. Further bullish momentum could lead to a test of the $34.45 level before aiming for the $35.00 area, which marks a multi-year peak reached in October.
Key Support Levels
On the downside, immediate support is now seen in the $32.10-$32.00 range, followed by a stronger floor near $31.75. A deeper pullback might present buying opportunities, with further support around $31.25—an area reinforced by the 100-day Simple Moving Average (SMA), making it a crucial pivot zone. A decisive break below this level could shift momentum in favor of bearish traders.
If selling pressure intensifies, XAG/USD may slip below the $31.00 handle, potentially targeting the next key supports at $30.25, the psychological $30.00 mark, and the $29.55-$29.50 region.
Silver Daily Chart: XAG/USD Holds Gains Amid Key Technical Levels
