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24/04/25
20
Silver Dips After Multi-Month High: Key Support Levels and Bullish Outlook Examined
Silver experienced a decline after reaching a multi-month high during the Asian trading session on Thursday. The white metal maintains a technical structure that continues to favor bullish traders, creating opportunities for potential dip-buyers. However, a decisive move below the $32.00 level could undermine this optimistic short-term outlook.
Following a nearly three-week peak near $33.70, silver (XAG/USD) faced selling pressure, retracing some of the gains made the previous day. Currently trading in the range of $33.30-$33.35, silver recorded a decrease of 0.75% for the day. Despite this retreat, the technical indicators suggest that there is a likelihood for buyers to step in at lower price points.
The recent breakout from a short-term trading range, which had held for about a week, combined with the positive momentum showing on daily oscillators, reinforces a favorable outlook for silver in the near term. If the price continues to drop, it is anticipated that the $33.00 level will serve as a critical support point where buyers may re-enter the market.
However, a significant decline below the $33.00 handle could trigger further technical selling pressure. Such a move might push the price down toward the support levels near $32.40 and potentially to the $32.10-$32.00 area. Any substantial selling in this scenario may indicate that the recent recovery from the year-to-date low around $28.00 is losing momentum, paving the way for deeper declines.
Conversely, if silver can maintain momentum beyond the previous session’s high of approximately $33.70, it could regain the $34.00 level. This upward push may lead the commodity toward the $34.30 resistance, and if sustained, could ultimately target the $34.55-$34.60 range, which represents the highest level seen since October 2024, along with the psychological $35.00 level.
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