Silver prices remained consolidated near $33.80 for a third consecutive trading session, as buyers struggled to push XAG/USD beyond the key $34.00 resistance level. As the Asian session begins, silver is trading at $33.85, showing little change.
Technical Outlook
Silver’s rally stalled after reaching a yearly high of $34.08, with buyers lacking the momentum to challenge last year’s peak of $34.86. A successful breakout above this level could open the door to testing the $35.00 mark.
The Relative Strength Index (RSI) remains near overbought territory, suggesting that buyers may be pausing before making another attempt to push prices higher. However, failure to surpass the $34.00 resistance could trigger a pullback.
In case of a decline, the first support level lies at the February 14 high of $33.39. A break below this level would expose the $33.00 mark, with further downside potential toward the 50-day Simple Moving Average (SMA) at $30.57.