Silver (XAG/USD) edged up modestly to around $33.50 early Monday in the European session, supported by rising geopolitical tensions and a softer US Dollar. The safe-haven appeal of the Japanese Yen (JPY) also gained traction ahead of Bank of Japan Governor Kazuo Ueda’s speech later in the day, which traders will watch closely for guidance.
From a technical standpoint, silver maintains a constructive outlook, holding firmly above its key 100-day Exponential Moving Average (EMA) on the daily chart. The momentum is further confirmed by the 14-day Relative Strength Index (RSI) at 57.45, signaling near-term bullish strength.
Immediate resistance lies between $33.60 and $33.70, marked by the upper Bollinger Band boundary. A clear break above this zone could accelerate gains toward the May 28 high at $34.60, with the psychological $35.00 level serving as the next significant hurdle.
On the downside, support begins at May 22’s low of $32.61. A drop below this could push prices toward the 100-day EMA near $32.20. Further losses may target $31.00 and the lower Bollinger Band, which will act as critical support zones.
