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Silver has risen for the fourth consecutive day, trading near the upper boundary of its weekly range, above the $32.00 level.
For the fourth day in a row, silver has been rising, trading close to the upper boundary of its weekly range, above the $32.00 level. However, the white metal remains near the multi-year high reached last week and seems ready to extend its upward trend that began from the August low.
This week's rebound from levels below $31.00, followed by upward movement, confirms the positive outlook. Additionally, the oscillators on the daily chart are in positive territory and far from the overbought zone, indicating that the XAG/USD pair's path of least resistance is upward.
Thus, a move back toward the multi-year high around $32.70, with a potential rise to $33.00, appears likely.
On the other hand, any weakness below the $32.00 level now seems to find some support around $31.75. However, a decisive break below this level would trigger technical selling, pushing the XAG/USD pair toward support at $31.45, followed by the round level of $31.00 and the weekly low near $30.85, which would act as a key pivot point. A firm break below this level would nullify the bullish outlook and shift the short-term bias in favor of the bears.
The white metal could then accelerate its decline toward the $30.25 level, before continuing its fall to the psychological level of $30.00 and the support at the 100-day simple moving average.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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