XAGUSD Silver is regaining positive momentum and maintaining control above the key psychological level of 33.00 The emergence of buying during dips signals that this week’s breakout above the upper boundary of a nearly one month range can be considered a bullish trigger Furthermore oscillators on the daily chart have started turning positive which supports the short term potential for further gains
If the price breaks through the 33.70 resistance level which is the highest point of the month and was last seen in April it will confirm a strong bullish trend and pave the way for the white metal to reach the key psychological level of 34.00 A continued upward move can push XAGUSD toward the yearly high
On the other hand if the price weakens below the 32.00 level it may be seen as a buying opportunity but such interest is likely to be limited to the 32.60 level which serves as a key support zone A decisive break below this zone would expose the 100 day Simple Moving Average currently positioned above 32.00 Further downside pressure could drive XAGUSD toward the 31.40 level A clear break below this level would invalidate the bullish outlook and shift the short term trend in favor of the bears
