Silver Price Forecast: XAG/USD consolidates around $33.60 amid falling US yields

• Silver price recovers from a four-day low but remains stuck in a $1 range, failing to capitalize on a weaker US Dollar and falling yields.
• Momentum supports buyers, with RSI in bullish territory, as XAG/USD targets the YTD high of $34.86 and beyond.
• A break below $33.25 could shift bias to neutral, with further support at $33.00 and the October 17 low of $31.32.

Silver consolidated at around $33.60 as grey metal bulls failed to capitalize on falling US yields and a weak US Dollar. At the time of writing, XAG/USD is seesawing within a $1 range and virtually unchanged.

XAG/USD Price Forecast: Technical outlook

Silver price recovered some ground after falling to a four-day low of $33.25. The uptrend remains intact, and if buyers lift the XAG/USD spot price above $34.00 a troy ounce, they could challenge the year-to-date (YTD) high at $34.86.

Momentum backs buyers, with the Relative Strength Index (RSI) persisting in bullish territory.

If XAG/USD clears the YTD high, the next key resistance levels would be the October 2012 peak at $35.40, ahead of challenging the psychological $40.00, and the August 2011 high at $44.22.

Conversely, if the grey metal drops below $33.25, the next support would be $33.00. The break below could shift the bias to neutral, and if sellers drive Silver's below October 17 low of $31.32, XAG/USD might reach the 50-day Simple Moving Average (SMA) at $30.64.

XAG/USD Price Chart - Daily