Today, silver is attracting new buyers following an indecisive flat close in the previous session, demonstrating steady intraday gains. The white metal is currently up 0.80% on the day, gradually extending its modest rebound from the nearly two-week low reached last week.
From a technical standpoint, the XAG/USD pair is showing resilience below the psychological $33.00 level. This level aligns with the 100-period Exponential Moving Average (EMA) on the 4-hour chart and should serve as a key pivot point. The 100-period Simple Moving Average (SMA) on the 4-hour chart lies just below and acts as primary support.
As the oscillators on the daily chart remain in positive territory, the short-term bias continues to favor the bulls, supporting the outlook for further upside. Consequently, continued strength toward the $33.40 area — en route to the significant resistance near $33.60 — appears quite likely. A successful move above this level could open the door for a return to the psychological $34.00 mark and potentially a retest of the multi-month high at around $34.23, reached on March 18.
On the other hand, a decisive break below the $33.00 level could shift the short-term bias in favor of the bears. In that case, the XAG/USD pair could weaken toward last week's swing low near $32.65, followed by support at $32.40 and the psychological $32.00 level. Further weakness below the $31.80 mark (the March 11 low) could deepen bearish sentiment and lead to a test of the monthly low near $31.10.
