Silver prices have stalled, ending a three-day rally as the metal consolidates around the $32.50 mark. Buyers have failed to extend their gains and test the previous cycle high of $33.39. As the Asian session begins on Friday, XAG/USD remains largely unchanged.
XAG/USD Technical Outlook:
Silver is holding steady near the $32.50 level, with neither buyers nor sellers able to push the price significantly higher or lower. The Relative Strength Index (RSI) indicates flat momentum, with buyers still maintaining a slight advantage.
The first key resistance for XAG/USD is seen at $33.00, followed by notable levels at the February 20 high of $33.20 and the February 14 cycle high of $33.39. On the downside, if XAG/USD drops below $32.00, support is seen at $31.50, with the 100-day Simple Moving Average (SMA) at $31.21 providing further support. A deeper pullback could bring $31.00 into play, with additional support near the 200-day SMA at $30.48.