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Home News Silver Price Outlook: XAG/USD Struggles Below $32.00; Key Support at 100-Day SMA

Silver Price Outlook: XAG/USD Struggles Below $32.00; Key Support at 100-Day SMA

by Barbara

Silver (XAG/USD) remains under pressure, failing to build on its modest gains from the previous day as it fluctuates within a narrow range below the critical $32.00 level during Thursday’s Asian session. The precious metal is holding above its key 100-day Simple Moving Average (SMA) support, which lies in the $31.30-$31.25 zone, marking the lowest point reached on Tuesday.

From a technical standpoint, repeated failures to maintain momentum above the $33.00 level have tilted the balance in favor of bearish traders. Additionally, oscillators on the daily chart have started to show negative momentum, reinforcing the potential for further weakness and an extension of the one-week downtrend. Silver may struggle to hold above the $31.00 mark and could eventually test the next significant support level around $30.25.

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Should the downtrend continue, silver prices could approach the psychological $30.00 level, with a decisive break below that figure indicating a possible near-term top. This could pave the way for further declines towards the $29.55-$29.50 zone, followed by the $29.00 support level, and possibly even the December 2024 swing low in the $28.80-$28.75 area.

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On the upside, any rally above the $32.00 resistance is likely to encounter selling pressure near the $32.40-$32.45 range. A sustained break above this level would signal a renewed attempt to reclaim the $33.00 figure. If momentum builds further, XAG/USD could target the monthly high near $33.40 from February 14 and set its sights on the $34.00 level.

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