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Today, at the start of the new week, silver is rising, recovering above the psychological $33.00 level and offsetting part of Friday's losses. However, the intraday rally lacks strong momentum.
Looking at the broader recovery picture from the April lows, current prices can be seen as part of a bullish consolidation phase. Moreover, oscillators on the daily chart are gaining positive momentum, supporting the potential for an upside breakout.
However, the move north faces strong resistance in the $33.50 supply zone. Sustained strength beyond this area would confirm a constructive outlook and lift the XAG/USD pair above the $33.70 resistance, paving the way toward the psychological $34.00 level. The momentum could extend further, allowing the white metal to retest the yearly high near $34.59.
On the other hand, the $32.60–32.70 level or the 50-day Simple Moving Average (SMA) continues to provide immediate support. A convincing break below this zone would expose support at the confluence of the 100-day SMA and the 100-EMA, located around $32.25, protecting the $32.00 round level. Further selling could drag the commodity lower toward the $31.40 support. If that level is also broken, the short-term bias would shift in favor of the bears.
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