Silver (XAG/USD) faced renewed selling pressure during the Asian session on Tuesday, dipping closer to the overnight swing low near $31.65-$31.60. However, the white metal trimmed some intraday losses and is now trading just below the $32.00 mark, down 0.45% for the day.
From a technical standpoint, the recent range-bound movement appears to be a bullish consolidation following a breakout above the 100-day Simple Moving Average (SMA). Daily chart oscillators remain in positive territory, indicating that the path of least resistance for silver leans to the upside.
That said, repeated failures to establish momentum beyond the $32.30 resistance level suggest caution. A decisive breakout above this barrier could propel silver toward the $32.65 monthly swing high, with a potential push toward the $33.00 mark—its highest level since early November.
On the downside, immediate support lies in the $31.65-$31.60 range. A break below this zone may attract fresh buying interest, with further support around the 100-day SMA at $31.20-$31.15. If silver falls below $31.00, however, it could trigger technical selling and open the door to deeper declines.
For now, traders await a clear breakout from the short-term range to determine the next directional move.
