Silver (XAG/USD) extended its recent recovery during the Asian session on Tuesday, building on a modest bounce from just above the $32.00 level, which had marked a near one-week low. The precious metal was up 0.25% on the day, trading in the mid-$32.00s, after snapping a two-day losing streak.
Despite the bounce, technical indicators remain mixed, with silver facing resistance around the $33.00 level. The repeated failures to sustain above this threshold suggest caution for bullish traders. Experts recommend waiting for clear, sustained movement above $33.00 before considering any further upside, which could push prices higher toward the February 14 swing high of $33.40 and potentially the $34.00 mark.
If momentum persists, silver could target a move toward $34.45 and even the $35.00 level, marking the multi-year peak reached in October. However, short-term support appears to be solidifying around the $32.10-$32.00 range, with further downside risk limited by the $31.75 region.
Any dip towards the $31.25 zone, which aligns with the 100-day Simple Moving Average (SMA), could be viewed as a potential buying opportunity. A break below this critical level, however, would shift the outlook to bearish, with the potential for silver to test further supports at $30.25, $30.00, and the $29.55-$29.50 range.
