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Silver remains in demand for the second consecutive day, showing resilience from a technical standpoint after holding above the 100-day exponential moving average (EMA) last Friday. The subsequent upward movement confirms the potential for further gains, especially as oscillators on the daily chart are beginning to gain positive momentum.
At the time of writing, silver is facing resistance at $31.85, near the psychological $32.00 level. A breakout above this level could trigger a short-covering rally, lifting XAG/USD toward the $32.40–$32.45 range. If bullish momentum persists, buyers may attempt to push the price past the $33.00 psychological level and test February's high around $33.40.
On the other hand, today's low near $31.46 serves as immediate support before the $31.25 region, where the 100-day simple moving average (SMA) aligns with the psychological $31.00 mark, coinciding with the 100-day EMA, which acts as a key support level. A decisive break below this area could serve as a bearish trigger, making XAG/USD vulnerable to an accelerated decline toward the 200-day SMA, followed by the $30.25 support zone. If selling pressure persists, silver could drop to the $30.00 psychological level and potentially lower.
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