Silver Holds Above $33.00: XAG/USD Strengthens in Holiday Trading

Silver Holds Above $33.00: XAG/USD Strengthens in Holiday Trading

Silver (XAG/USD) extended its recent gains on Monday, holding firmly above the $33.00 level during thin holiday trading conditions. At the time of writing, XAG/USD is trading at $33.47, supported by a continued sell-off in the US Dollar (USD) and positive sentiment in the precious metals market.

Despite limited market participation due to public holidays in both the US and the UK, silver managed to edge higher, reflecting strong underlying bullish momentum. The price action suggests growing appetite for safe-haven assets, especially as macroeconomic uncertainty persists.

From a technical perspective, silver remains in bullish territory. Key resistance levels are now in focus at $33.68 and the psychological $34.00 handle. A successful breakout above these zones could pave the way for a test of $34.58, a significant milestone for bulls.

On the downside, initial support lies at $32.90, followed closely by the 50-day Simple Moving Average (SMA) at $32.74. A break below these levels might indicate a short-term consolidation or correction, though the broader trend remains upward for now.

Traders are advised to monitor upcoming macroeconomic data and further USD movements, as these will likely influence the next leg in silver’s price trajectory.