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For the second consecutive day, silver is attempting to attract buyers. Technical indicators on the daily chart have started to gain positive momentum, supporting the outlook for further upside. However, the next upward move will face strong resistance near the $31.00 level, where the 100-day simple moving average (SMA) is positioned. A breakout above this key level could trigger a short-covering rally, marking a significant turning point for XAG/USD.
If silver manages to sustain its upward momentum, the next notable resistance zone lies between $31.45 and $31.50, followed by the psychological barrier at $32.00 and December's high near $32.35. A sustained advance beyond this level would indicate that the corrective decline from the multi-year high reached in October 2024 has ended, paving the way for further gains.
On the other hand, the 200-day SMA, located just above the psychological $30.00 level, will serve as strong immediate support. A decisive break below this area would expose XAG/USD to a potential retest of Monday's weekly low at $29.70. Further weakness could push the price towards the next support at $29.50, with an extended decline targeting the $29.00 threshold and potentially the multi-month low in the $28.75–$28.70 range, recorded in December.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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