Silver's technical outlook is bullish, and if it breaks through $34, it will challenge $34.86
Due to the inability of silver bulls to take advantage of the decline in US yields and the weakness of the US dollar, silver prices stabilized around $33.40.
Precious metal analyst Christian Borjon Valencia wrote that silver prices have rebounded after falling to a four-day low of $33.25. The upward trend remains unchanged, and if buyers raise the silver price above $34.00, it may challenge the year to date high of $34.86.
From a technical perspective, the momentum of silver is favorable for buyers, and the Relative Strength Index (RSI) remains in a bullish range.
Valencia stated that if silver prices break through the year to date high, the next key resistance level will be the peak of $35.40 in October 2012, followed by a psychological challenge of $40.00, and the high of $44.22 in August 2011.
On the contrary, if the silver price falls below $33.25, the next support level will be $33. If the silver price falls below $33, it may shift towards neutrality. If sellers push the price below the October 17th low of $31.32, the silver price may touch the 50 day moving average (currently at $30.73).
Daily chart of spot silver
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