During Friday's European session, silver (XAG/USD) maintained advances above $33.00, demonstrating its continued strength. The white metal is seeing new buying activity. It rose from around $32.60 on Thursday. This pushed prices to an intraday high of about $33.30.
This upward trend follows an important signal from earlier this week. It created a positive feeling: a breakout above a one-month declining channel.ut over the top of a one-month declining channel. The daily chart's indicators are also starting to show encouraging momentum, which supports the short-term optimistic picture.
Silver might reach the important $34.00 level if it breaks through the next resistance zone. This zone is between $33.65 and $33.70, which we last saw in early April. If this round figure is pushed above, more buying is likely. The potential upside could reach the March high of $34.55 to $34.60 for the year.
On the down side, any decline below $32.60 is anticipated to be small. This level is still a crucial turning point that will probably draw in new customers. Silver may test the 100-day Simple Moving Average (SMA), which is presently hovering just above $32.00, if there is a noticeable break below this zone.
If the market mood changes and losses increase, it could mean prices may drop. If bearish momentum rises, prices could fall below the lower edge of the last trend channel, which is about $31.40.
As long as silver stays above the $32.60-$33.00 support zone, its current structure lends support to a bullish bias for short-term traders. Long bets aiming for $34.00 and above may have a chance if there is a clear move above $33.70. Close observation is necessary, though, because a prolonged decline below important support could alter the outlook for the market.
Traders should watch important support and resistance levels. Silver prices respond to technical breakouts and shifts in market mood. Silver is a crucial asset in diversified trading portfolios despite the persistent economic uncertainties, inflationary trends, and investor demand that fuel volatility.
At KQ Markets, we provide traders with expert insights into global commodities. We also cover technical indicators and market trends. These factors help shape both short-term and long-term trading opportunities. No matter if you are focused on silver CFDs, forex, or other commodity trading, knowing how silver’s price moves is key. This knowledge helps you create better strategies.
Stay ahead of the curve with KQ Markets. Sign up today to access exclusive analysis and refine your approach to commodities trading.
