Silver (XAG/USD) is treading water in a tight range during Wednesday’s Asian session, hovering near $34.50 after failing to extend its rebound from below the $34.00 level overnight. The precious metal remains virtually unchanged on the day but stays within striking distance of its year-to-date (YTD) high, which was set earlier this week.
Technically, the recent breakout above $33.80—a key resistance level capping a multi-week consolidation—has energized bullish sentiment. Daily chart oscillators remain firmly in positive territory and are not yet signaling overbought conditions, suggesting bullish momentum may continue to build.
A decisive move above the $34.80–$34.90 zone, which represents both the YTD peak and the highest level since October 2024, would reinforce the bullish outlook. Such a breakout could open the door for a rally toward the next significant resistance near $35.66, the March 2012 swing high, with the potential to challenge the $36.00 level not seen since February 2012.
Conversely, any pullback below the $34.00 threshold is likely to attract dip buyers, with initial support seen near the prior range top at $33.65. A sustained break beneath this level could expose silver to a deeper decline toward the $33.00 psychological level. Further losses might then test the robust support zone between $32.75 and $32.70, a break of which would shift the short-term bias in favor of the bears.
Overall, the technical landscape remains supportive of further upside for silver, provided it maintains support above key levels.
