Silver Price Forecast: XAG/USD Holds Above $34 Despite Falling
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- Silver prints a ‘high wave candle,’ signaling market indecision after 5% rally over four sessions.
- A close above $34 keeps bullish momentum intact; targets lie at $34.58 YTD high and $35.40 October 2012 peak.
- Break below $34 may trigger correction toward $33.51 support, with $33.00 as next bearish target.
Silver price falls slightly after hitting a daily high of $34.46, trading at $34.02 amid a strong US Dollar and falling US Treasury yields.
Market mood improved slightly, but traders are awaiting April 2, US Liberation Day, on which US President Donald Trump is expected to unveil tariffs. Speculation suggests that the US will apply 20% universal tariffs.
XAG/USD Price Forecast: Technical outlook
Silver remains upward biased, despite retreating somewhat as a ‘high wave candle’ forms. After climbing over 5% in the last four days, indecision keeps buyers and sellers from opening fresh aggressive bets, as they could be awaiting the closing price.
If XAG/USD closes above $34, this could be bullish and pave the way for further upside. The first resistance will be the year-to-date (YTD) high of $34.58. On further strength, the next ceiling level would be $35.00, followed by the October 2012 peak at $35.40.
Conversely, if XAG/USD falls below $34.00, the first support will be the March 31 low of $33.51, followed by the $33.00 figure.
XAG/USD Price Chart – Daily
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