Silver Price Forecast: XAG/USD consolidates near $32.50 as doji emerges

• Silver holds near $32.50, with buyers unable to push past key resistance.
• Next upside targets: $33.00, February 20 high of $33.20, and cycle high of $33.39.
• A break below $32.00 could expose $31.50 and the 100-day SMA at $31.21.

Silver price consolidates, snapping three days of gains, trading near the $32.50 area, with buyers failing to prolong their advance to challenge the last cycle high of $33.39. At the time of writing, XAG/USD is virtually unchanged as the Friday's Asian session begins.

XAG/USD Price Forecast: Technical outlook

Silver (XAG/USD) remains sideways near $32.50 with neither buyers nor the sellers unable to decisively push the grey's metal quote upwards or downwards. The Relative Strength Index (RSI) shows that momentum remains flat, yet buyers have the upper hand.

That said the XAG/USD first resistance would be $33.00, followed by key levels such as the February 20 high of $33.20 and the February 14 cycle high of $33.39. Conversely, if XAG/USd falls beneath $32.00, the next support would be the $31.50, ahead of the 100-day Simple Moving Average (SMA) at $31.21. Further weakness could expose $31.00, with additional support at the 200-day SMA near $30.48.

XAG/USD Price Chart - Daily