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Silver Price Forecast: XAG/USD retreats towards the support area right above $33.00

Silver Prices (XAG/USD) are trading lower for the second consecutive day on Thursday, with price action approaching a key support area at $33.10.following Wednesday’s reversal at the $34.50 area. The lower high posted on Wednesday and price action breaking below the 4 H 50 SMA suggest that the pair might have reached the end of its bullish cycle and is ready for a corrective reversal. On the other hand, the US Dollar is showing a moderately bearish tone over the last sessions. This will likely keep precious metals from retreating further until the US PCE prices index and especially Friday’s NFP report are out. A clear break of the previous resistance, now turned support at the mentioned $33.10 area would confirm that view and add selling pressure towards the 38.6% Fibonacci retracement of the September-October bullish run, at $32.10 ahead of $31.30. To the upside, resistance levels remain at $34.50, and the long-term high, at $34.85.

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Publication date:

2024-10-31 11:43:22 (GMT)

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