Silver (XAG/USD) attracts some sellers during the Asian session on Thursday and erodes a part of its weekly gains registered over the past three days.
The white metal currently trades above mid-$32.00s, down 0.35% for the day, though the near-term bias seems tilted in favor of bullish traders and supports prospects for a further appreciating move.
From a technical perspective, the XAG/USD showed some resilience below the 100-day Exponential Moving Average (EMA) last Friday. Moreover, oscillators on the daily chart have again started gaining positive traction on the daily chart and validate the near-term constructive outlook for the commodity.
Hence, a subsequent strength towards the $33.00 mark, en route to the February monthly swing high, around the $33.40 area, looks like a distinct possibility.
The next relevant hurdle is pegged near the $33.60-$33.70 region, above which the XAG/USD could aim to reclaim the $34.00 round figure and climb further towards the $34.50-$34.55 zone.
The momentum could extend further towards the highest level since October 2012, closer to the $35.00 psychological mark touched in October 2024.
Source: FXStreet
