The Can XRP reach ?white metal continues its upward trajectory, trading around $32.70 in early Monday sessions, showing a 0.45% daily gain.
Technical indicators favor bulls as price action remains comfortably above the critical 100-day moving average, supported by an RSI reading in bullish territory.
Market participants are eyeing potential resistance near $33.35-$33.40, while $31.52 serves as immediate support.
Silver's valuation against the US dollar demonstrates resilience during Asian trading hours, benefiting from dollar weakness and broader market uncertainty. The commodity's appeal as a potential hedge against geopolitical risks appears to be attracting investor interest, particularly amid ongoing discussions about trade policy developments.
Technical examination of the daily chart reveals several encouraging signs for silver bulls. The consistent positioning above the 100-day EMA establishes a constructive foundation, while momentum indicators like the RSI hovering around 64.40 reinforce the current upward bias. These technical factors combine to create an environment where upward movements appear more probable than significant retracements.
Traders are closely monitoring the $33.35-$33.40 zone, which represents both the upper Bollinger Band boundary and a recent price peak from mid-February. A convincing break above this barrier could open the door to test higher levels near $34.55, last observed in late October 2024. Additional buying pressure beyond that point might target the $34.87 region, another significant level from the same period.
On the downside, the February 12 low of $31.52 marks the first meaningful support level. Should selling pressure intensify, attention would shift to the 100-day EMA currently near $30.90, followed by the lower Bollinger Band boundary at approximately $30.70. These levels would likely attract buyers looking for potential entry points should corrective movements occur.
Technical Perspective on Silver's Price Action
Market technicians note that silver's current technical setup presents an interesting confluence of factors. The commodity's ability to maintain its position above key moving averages while demonstrating healthy momentum suggests underlying strength. However, traders remain cautious about potential resistance levels that could temporarily halt the advance, making careful level monitoring essential for market participants.