Silver Price Holds Above $33: Bullish Breakout Likely as Bulls Regain Control

Silver (XAG/USD) opened the week on a firm note, reclaiming the $33 mark and hinting at renewed upside momentum despite cautious market sentiment.

Silver prices remain resilient as the white metal bounces back above the critical $33.00 level during Monday’s Asian session. This rebound follows Friday’s modest pullback and signals dip-buying interest among investors. Although the move lacks aggressive bullish follow-through for now, technical indicators continue to lean in favor of an upside breakout.

Technical Outlook: Bullish Consolidation or Breakout Setup?

Silver has been trading within a well-defined horizontal range for the past two weeks, shaping a rectangle pattern on intraday charts — a sign of bullish consolidation after the previous breakout from a descending channel.

The Relative Strength Index (RSI) remains above neutral territory, while price action continues to hold above key support zones, reinforcing the potential for a bullish continuation.

Key Resistance Levels to Watch

• $33.50: Strong resistance and immediate supply zone
• $33.65–$33.70: Multi-week highs from last Thursday
• $34.00: Psychological level and next upside target
• $34.55–$34.60: Year-to-date highs from March

A sustained close above $33.70 could trigger fresh momentum, potentially driving prices toward the $34.55 resistance zone, marking a retest of March’s peak.

Immediate Support Levels

• $32.75–$32.70: Lower boundary of current trading range
• $32.00: Near the 100-day Simple Moving Average (SMA)
• $31.40: Major horizontal support zone

A break below $32.70 could challenge the SMA support near $32.00, and a drop under $31.40 might reverse short-term sentiment in favor of the bears.

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Outlook Summary:
As long as silver remains above $33.00, bullish traders may continue to dominate. A clear breakout above $33.70 would confirm renewed bullish strength and open the door toward $34.60. Conversely, any drop below $32.70 could put pressure on silver prices in the short term.

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