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Silver Price Holds Below $34 Amid Dollar Strength

by Daisy

Silver prices remained under pressure for the second straight day, consolidating below the $34.00 mark and posting a 0.68% decline on Thursday due to a stronger U.S. dollar. As the Asian session begins, XAG/USD is trading at $33.54, showing little change.

Technical Outlook

Despite touching a five-day low of $33.10, silver rebounded and is currently fluctuating between $33 and $34 per ounce after forming a ‘hammer’ candlestick pattern. The Relative Strength Index (RSI) suggests that buyers are entering the market, potentially driving prices higher.

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A breakout above $34.00 could see silver testing resistance at the October 30, 2024 peak of $34.51, with a further upside target of $35.00. Conversely, a drop below $33.00 would expose support at the psychological level of $32.50, followed by the 50-day Simple Moving Average (SMA) at $31.92.

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