Silver (XAG/USD) has remained steady above $33.00, reaching around $33.40 during US trading hours on Monday. This follows a 4% gain from the previous week, driven by a strong market and safe-haven demand. Earlier in the day, spot prices dipped slightly as global trade tensions eased, which influenced the US Dollar (USD). However, silver held its ground above $33.00, with traders adopting a ‘wait and see’ approach as short-term momentum lost some steam. Last week, a breakout from a symmetrical triangle pattern was confirmed. Since then, prices have remained stable above the $32.60–$32.80 range, aligned with the 21-day EMA. Currently, silver prices are just below Friday’s high of $33.54, facing resistance between $33.70 and $34.00. If prices rise above this range, they could re-test March’s high near $34.50 and potentially reach $35.00. Support is identified around $32.60–$32.80, with further risks at $32.00 and $31.00. Momentum indicators like RSI and MACD show a moderately bullish outlook, with RSI at 56.24 indicating potential for further gains. So far, silver’s movement has been steady, trading above $33.00 and gaining about 4% last week. This rise mainly came from buyers reacting to a technical breakout and strong demand for safer assets when currencies fluctuate. On Monday, silver edged up to $33.40, although it briefly pulled back earlier as easing global trade tensions boosted the dollar. This quick dollar strength diminished, causing less urgency in silver’s rally. The symmetrical triangle breakout was confirmed last week, often seen by chart analysts as a signal for a trend extension. Since then, prices have remained relatively flat. Currently, silver is comfortably holding above $33.00 and above the crucial 21-day EMA, which is now between $32.60 and $32.80, acting as a local support level. From a resistance perspective, the prices are approaching Friday’s high of $33.54. The next resistance level lies between $33.70 and $34.00. This area could limit gains unless new buying interest appears. If prices break above this level, they could move towards March’s high around $34.50, with a target of $35.00 if the upward momentum continues. If momentum falters, strong support is present at $32.60–$32.80, with risks of deeper sell-offs down to $32.00 and $31.00. Shorter-term momentum indicators, like RSI and MACD, don’t show any signs of trouble. The RSI is at 56.24, just above the midpoint, indicating some enthusiasm without being overheated. This suggests there’s still room for price increases before facing exhaustion. The MACD also supports potential advances without showing any signs of divergence. Given the current price movements and risk appetite, the technical setup indicates stability for continued growth, although without a sense of urgency. It’s important to monitor areas where sharp price movements may prompt reactions—either profit-taking or renewed momentum. Watching how prices behave around the $33.70–$34.00 range will be key, particularly if it gets tested multiple times. If traders rush in without a clear increase in volume, we might find ourselves in a limited price range before the next momentum shift. In this environment, we need to closely observe how support levels hold up and whether buyers continue to respect the moving average cluster below. Any dips below these levels could happen quickly, especially if leveraged positions unwind. This area—near $32.00—is where confidence may be tested, and where short-term bets could become more sensitive to broader market shifts.

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