Silver (XAG/USD) held steady on Monday, trading around $33.00 per ounce, marking a pause after three consecutive days of losses. As the Asian session began, silver remained largely unchanged, maintaining its position within the $32.90 – $33.00 range.
XAG/USD Price Forecast: Technical Outlook
Silver formed a “quasi gravestone doji” pattern, which typically appears in an uptrend and signals a potential pause or reversal. However, given the downtrend leading into this formation, it suggests that bearish momentum may be fading, with buyers stepping in near the day’s low of $32.89.
For a bullish continuation, silver needs to break above the March 24 peak of $33.30. A successful move past this level would target the March 21 high of $33.59, followed by the March 20 peak at $33.94.
On the downside, if silver falls below $32.90, immediate support is seen at $32.66 (March 21 low), with further support at the 50-day Simple Moving Average (SMA) near $32.04.
