Silver prices pulled back on Friday after reaching a weekly high of $32.64, falling below the key psychological level of $32.00. The decline followed the release of mixed U.S. employment data, with rising U.S. Treasury yields and a stronger dollar exerting downward pressure on the metal. As a result, silver (XAG/USD) traded at $31.82, down over 1% on the day.
Technical Outlook: Silver Faces Resistance at $33.00
Despite recently hitting a two-month high, silver appears to be consolidating within the $31.00–$32.60 range. While short-term momentum has turned bearish, the Relative Strength Index (RSI) remains above its neutral line, indicating that buyers still hold some control.
For silver to resume its uptrend, it must break above the $33.00 resistance level, potentially paving the way for a rally toward the October 29 swing high of $34.54 and last year’s peak at $34.86.
On the downside, further declines could see XAG/USD testing support at the 100-day Simple Moving Average (SMA) at $31.10, followed by the critical $31.00 level. A breach below those points could push prices toward the 50-day SMA at $30.47 and the 200-day SMA at $30.27.
