Silver (XAG/USD) remains steady in a narrow trading range, maintaining a position above the $34.00 mark during the Asian session on Tuesday, after showing significant two-way price movements the previous day. The precious metal is currently holding near a multi-month high of $34.60, which was last reached on Friday.
Looking at the broader trend, silver has experienced a notable upward movement since the start of 2025, moving within a well-defined upward-sloping channel. This supports a strong short-term bullish outlook for the commodity. Additionally, key oscillators on the daily chart remain firmly in positive territory, without approaching overbought levels, suggesting that the path of least resistance is still upward for XAG/USD.
If silver surpasses the year-to-date high around the $34.60 level, it may target a multi-year peak near $34.85, last touched in October. This price point coincides with the upper boundary of the current trend channel. A decisive break above this level could act as a fresh trigger for further bullish momentum.
On the downside, a pullback is likely to attract dip-buying interest, with support expected around the mid-$33.00 range, near the overnight swing low. However, a convincing break below this level could lead to technical selling, potentially pushing silver towards the $33.00 round figure and further down to the $32.65 region, or even the $32.00 mark. This lower level aligns with the lower boundary of the trend channel and is expected to provide a strong support base for silver.
