Silver Price Forecast: XAG/USD holds steady near $34.50 as bulls take a breather
NEW YORK (June 4) Silver price consolidated during Wednesday’s session, trading almost flat near $34.50, as traders seem reluctant to push the metal’s prices outside of the $34.00-$34.50 range.
XAG/USD Price Forecast: Technical outlook
Technically, Silver remains bullish-biased, though buyers are taking a breather after Monday’s over 5% gain, which pushed XAG/USD from around $33.00 to $34.50, the most significant gain since October 18, 2024, when Silver gained 6.40%.
As Silver makes higher highs and higher lows and has broken the previous two peaks seen near $34.51, the grey metal seems poised to challenge the $35.00 figure. A decisive break could send XAG/USD to challenge 13-year highs at $37.49, the February 29, 2012, daily high.
Conversely, a daily close of XAG/USD below the March 28 peak of $34.58 would likely result in a decline towards $34.00. In the event of further weakness, the next support level would be the May 22 peak, which has since turned into support at $33.69.
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