Silver (XAG/USD) trades in a narrow range below the $32.00 mark during the Asian session on Thursday, failing to extend the previous day’s modest gains. The white metal maintains support above the 100-day Simple Moving Average (SMA), positioned around the $31.30-$31.25 zone, which represents a two-week low reached on Tuesday.
From a technical perspective, repeated failures to breach the $33.00 resistance level and the subsequent price pullback indicate a bearish outlook. Daily chart oscillators have begun to gain negative traction, reinforcing the likelihood of a continued downtrend. A decline below the $31.00 threshold could push XAG/USD toward the next key support around $30.25.
Further losses may drive silver toward the psychological $30.00 level. A decisive break below this point would signal a near-term peak, potentially opening the path to the $29.55-$29.50 support zone, followed by the December 2024 swing low around $28.80-$28.75.
Conversely, any recovery above $32.00 would encounter initial resistance near the $32.40-$32.45 region. Sustained buying momentum could prompt a retest of the $33.00 level, with a breakout paving the way toward the monthly high of $33.40, recorded on February 14, and potentially the $34.00 mark.
