Silver demonstrates resilience with consecutive daily gains,monero news signaling potential upside momentum
Technical patterns suggest the formation of a bullish continuation signal after recent consolidation
Market participants appear to be establishing support near psychologically important levels
The silver market continues to attract attention as XAG/USD maintains its upward trajectory during European trading hours. After briefly testing the $33.00 support level, the white metal has rebounded to establish a new weekly high, currently hovering between $33.15 and $33.20 with a modest 0.20% daily gain.
This price action follows yesterday's significant technical development where silver prices broke through the upper boundary of a short-term descending channel. This breakout potentially completes a bullish flag formation, typically interpreted as a continuation pattern by technical analysts. The repeated bounces from the 100-day moving average, combined with improving momentum indicators on daily timeframes, reinforce the constructive outlook for silver bulls.
Traders are now watching the $33.60 resistance level closely, as a decisive move above this barrier could open the path toward the $34.00 psychological level. Beyond this point, the March highs around $34.55-$34.60 may come into focus as the next significant technical target for those anticipating further upside.
On the downside, the $33.00 level has transformed from resistance to potential support following yesterday's breakout. The $32.65 area represents additional support, while the 100-day moving average near $32.00 serves as a more substantial technical floor. Only a sustained break below the $31.40 zone would potentially invalidate the current bullish technical structure.
Market participants should monitor these key technical levels while considering the broader context of precious metals markets. The current technical setup suggests that any pullbacks toward support may attract fresh buying interest, though traders should remain vigilant for potential shifts in market sentiment.
