Silver Price Forecast: XAG/USD rebounds though remains below 34.00

• Silver trades at $33.64, bouncing back from a weekly low of $33.09 as RSI approaches overbought territory, signaling bullish momentum.
• Key resistance levels include the October 24 high at $34.29, YTD high at $34.86, and October 2012 peak at $35.40.
• A bearish daily close could shift bias to the downside, with first support at $33.24, followed by $33.00 and October 17 low of $31.32.

Silver prices staged a comeback after dipping to a weekly low of $33.09, though it remains below its opening price by 0.10% late during Friday's North American session. At the time of writing, XAG/USD trades at $33.64.

XAG/USD Price Forecast: Technical outlook

The grey metal remains upwardly biased, even though it has posted back-to-back days recording new weekly lows. Momentum backs buyers as depicted by the Relative Strength Index (RSI), reaccelerating toward overbought territory. Therefore, the path of least resistance is tilted to the upside.

XAG/USD first resistance would be the October 24 high at $34.29, followed by the year-to-date (YTD) high at $34.86. On further strength, buyers could challenge October 2012 high at $35.40.

Conversely, if XAG/USD prints a bearish daily close, it could pave the way for further downside. the first support would be the October 24 daily low of $33.24, followed by $33.00. A breach of the latter, Silver could tumble as low as $31.32, to the October 17 swing low.

XAG/USD Daily Chart