Silver prices today retreated last week after a short upward wave towards the 33.50 level, affected by the rise in the US dollar and the decline in risk appetite in the markets. The price recently attempted to establish a new support base, but it continues to move within a range of moderate selling pressure amid mixed signals from technical indicators.
Silver Prices today: Technical Overview
- The price is moving between strong support at 31.97 and strong resistance at 32.68.
- The fluctuation within this range reflects the market’s hesitation in determining a clear direction.
- Despite recent upward attempts, the price has been unable to definitively break the 32.41 resistance level.
Technical Indicators Analysis:
- The MACD is in an upward phase from the negative zone, indicating a relative improvement in momentum but without confirming a reversal.
- The Stochastic Oscillator is in the overbought zone (above 80), which may indicate an imminent downward correction.
- The short-term moving averages (10 and 20) are still below the long ones, but there is an attempt to cross over to the upside.
Technical Zones:
- Support zone 31.97 – 32.00: Represents the recent price bottom; breaking it would signal a return of pressure towards the 31.70 and possibly 31.20 levels.
- 32.30 – 32.41: The closest resistance currently, and a failure to break it could maintain neutrality.
- 32.68: Key resistance, representing the recent bullish peak. Breaking it would signal a change in the short-term trend to an upside one.
Silver Prices today :Trading Scenarios:
Positive Scenario (Bounce):
- If the price succeeds in breaking 32.41 with a firm close, it may target 32.68 and then 33.00.
Negative Scenario (Continued Downward Trend):
- If the price is rejected at 32.30 and a reversal candle appears, the pair may head down towards 31.97 and then 31.70.
Trading strategies based on Buy/Sell levels
| XAGUSD | In case of buying | in case of selling |
| Entry point | 32.411 | 32.214 |
| Target Point 1 (TP1) | First resistance: 32.682 | First support: 31.976 |
| Target Point 2 (TP2) | Second resistance: 33.400 | Second support: 30.200 |
| Stop Loss (SL) | 32.214 | 32.411 |
Silver is trading in a sideways range with a slight upward bias, but confirmation of the upside requires a clear breakout of the 32.41 level. Otherwise, a return below 32.00 would signal a continued decline. Traders are advised to wait for confirmation of the trend, especially with the upcoming US employment data.
Impactful economic news this week (not yet released):
- US nonfarm payrolls data on Friday, which is highly influential on the dollar and, consequently, silver.
- The latest Federal Reserve minutes, which may carry a hawkish tone or hint at a change in interest rates.
