Silver Price Forecast: XAG/USD flirts with weekly low, just above $33.00 mark

• Silver remains under some selling pressure for the third successive day on Friday.
• Acceptance below the 23.6% Sibo. level supports prospects for additional losses.
• The mixed technical setup warrants some caution for aggressive bearish traders. 

Silver (XAG/USD) attracts some sellers for the third successive day on Friday and slides to the $33.00 neighborhood during the Asian session, back closer to a one-week low touched the previous day. 

From a technical perspective, the XAG/USD now seems to have found acceptance below the 23.6% Fibonacci retracement level of the recent upswing from the late February low, around the $30.80 region. This supports prospects for deeper losses. However, oscillators on the daily chart - though they have been losing traction - are still holding in positive territory. Hence, any further decline is more likely to find decent support near the 38.2% Fibo. level, around the $32.95-$32.90 zone. 

Bearish traders might wait for a sustained break below the said area before positioning for an extension of the retracement slide from the $34.20-$34.25 region, or the highest level since October touched on Tuesday. The XAG/USD might then accelerate the fall towards the 50% Fibo. level, around the $32.55-$32.50 zone, before eventually dropping to the $32.00 mark or the 61.8% Fibo. level. A convincing break below the latter will suggest that the white metal has topped out in the near term.

On the flip side, the 23.6% Fibo. level, around the $33.40 region, could act as an immediate hurdle. Some follow-through buying beyond the Asian session high, around the $33.55 area, has the potential to lift the XAG/USD towards the $34.00 mark en route to a multi-month peak, around the $34.20-$34.25 zone. This is followed by barriers near the $34.55 area and the $34.85 region, or a multi-year peak touched in October, which if cleared will be seen as a fresh trigger for bullish traders. 

Silver daily chart