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Silver is rising toward the $33.25 level, consolidating near the upper boundary of its familiar range. The emergence of buying on pullbacks, a recent rebound from the 100-day Simple Moving Average (SMA) and 100-day Exponential Moving Average (EMA), as well as the fact that oscillators on the daily chart are beginning to turn positive, all support a short-term bullish outlook for the XAG/USD pair.
A sustained move above the $33.25 level could lead to a test of the resistance zone around $33.70. If this resistance is broken, prices would confirm a constructive bullish setup, allowing XAG/USD to target the psychological level of $34.00. Further upward movement could potentially lift the white metal toward the yearly high reached in March.
On the other hand, the $33.00 round level now acts as immediate support. Any additional corrective pullback may be seen as a buying opportunity, likely to remain limited near the $32.65 level. However, a drop below this area would expose the 100-day SMA, currently located just above the $32.00 level. A break below that level would pave the way for further losses.
If the price falls below the 200-day SMA, which is situated near the $31.40 level—considered key support—it would invalidate the bullish forecast and shift the short-term bias in favor of the bears.
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