Silver (XAG/USD) attracted renewed buying interest during Thursday’s Asian session, rebounding sharply from Wednesday’s pullback and climbing toward the $33.00 level in the latest trading, signaling potential for further gains.
The white metal’s advance follows a sharp recovery from the year-to-date low near $28.45, touched in April. Technically, silver is carving out a bullish flag pattern within a descending channel on the short-term charts—typically a continuation signal—adding to the optimism for further upside. Momentum indicators on both the daily and hourly timeframes remain firmly in positive territory, reinforcing the constructive near-term outlook.
Still, a decisive break above the upper boundary of the flag formation—near the $33.20 resistance—is needed to confirm the breakout and signal a sustained bullish move. Should silver clear that hurdle, it could target the next resistance at $33.70, with a subsequent push toward the psychologically important $34.00 mark. A break beyond that level would likely act as a fresh catalyst for buyers and open the door for an extended rally.
On the downside, initial support is expected near the $32.50–$32.45 zone, followed by the recent swing low around $32.25. A breach of the $32.00 threshold would expose silver to deeper losses toward the lower boundary of the trend channel, located near the $31.60–$31.55 area. A breakdown below this support range could shift the short-term bias in favor of bearish traders.
