Silver Price Forecast: XAG/USD stalls below $34 as bulls struggle for momentum

• Silver trades at $33.97, failing to hold above $34.00 for the second straight day amid buyer hesitation.
• RSI flattens near overbought levels, suggesting bulls may pause before the next breakout attempt.
• Key resistance at $34.51 and $35.00, while support lies at $33.75, followed by $33.44 if downside pressure builds.

Silver price rally halts for the second straight day, with bulls remaining unable to decisively clear the $34.00 figure for the second consecutive day despite registering a yearly peak of $34.23. At the time of writing, the XAG/USD trades at $33.97, virtually unchanged, as Wednesday's Asian session commences.

XAG/USD Price Forecast: Technical outlook

On Tuesday, Silver traded mostly sideways and printed a daily close below 50% of the candle's size, indicating that neither buyers nor sellers are in charge. Although the overall trend suggests the uptrend might continue, bulls seem to take a breather as depicted by the Relative Strength Index (RSI) turning flatlines near overbought territory.

If XAG/USD rises past $34.20, the next key resistance would be the October 30, 2024, peak at $34.51, followed by the $35.00 mark. On the flip side, if Silver's remains below $34.00, the first support would be the March 18 low of $33.75, followed by the March 17 through at $33.44.

XAG/USD Price Chart - Daily