Silver Price Forecast: XAG/USD Holds Above $33.00, Set to Climb Higher

Silver Price Forecast: XAG/USD Holds Above $33.00 and Looks Poised to Rise

Silver (XAG/USD) Maintains Support Above $33.00 Level

Silver prices started the week cautiously, holding steady above the $33.00 level after reversing some losses from last Friday. Despite limited bullish momentum, the market setup remains favorable for a potential upside breakout.

Technical Setup Indicates Bullish Consolidation

Over the past few weeks, XAG/USD has been trading within a defined range, forming a rectangle pattern on short-term charts. This phase follows a recent breakdown from a bearish channel and is considered a bull consolidation, supported by modestly bullish indicators on the daily chart.

Key Resistance Levels to Watch

Silver faces immediate resistance near $33.50, where supply could slow gains. A sustained move above this level would strengthen the bullish case, targeting the $33.65-$33.70 zone and the psychological $34.00 mark. Further gains could push silver toward the year-to-date highs around $34.55-$34.60 recorded in March.

Buying Opportunities on Dips Below $33.00

Dips below $33.00 may present attractive entry points for buyers aiming to capitalize on the ongoing bullish consolidation. Caution is advised, as the trend requires confirmation through sustained price action above key resistance.

Explore more on Silver Market Analysis and Precious Metals Forecasts.

Key Takeaways:

• Silver price (XAG/USD) holds above $33.00
• Bull consolidation phase with potential breakout
• Resistance near $33.50-$33.70 and psychological $34.00
• Dips below $33.00 offer buying opportunities

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