Silver Price Forecast: XAG/USD edges higher above $32.50

• Silver's uptrend persists; a break above $33.00 may target October 31 high of $33.89.
• Failure to surpass $33.00 could see support tested at $32.25, with further downside toward $31.32.
• Market volatility expected as US election results unfold, influencing precious metals' performance.

Silver fluctuated around $32.50 during Tuesday's session amid an expected volatile session, with investors awaiting US election results later. Greenback continues to lose ground against precious metals, with XAG/USD gaining over 0.60%.

XAG/USD Price Forecast: Technical outlook

Silver's uptrend remains intact, but the precious metal remains below $33.00. This could keep sellers hopeful of driving price action lower, but momentum still favors buyers.

If XAG/USD clears the $33.00 mark, the next stop would be the high of the October 31 bearish candle at $33.89. Up next is the $34.00 figure, which, if cleared, bulls can re-test the year-to-date (YTD) peak at $34.86.

For a bearish resumption, sellers need to clear the $32.25 November 5 swing low. A breach of the latter will expose the October 17 doji's daily low of $31.32, ahead of testing the 50-day Simple Moving Average (SMA) at $31.23.

XAG/USD Price Chart - Daily