Silver Price Forecast: XAG/USD seems poised to climb further while above $33.00 confluence

• Silver regains positive traction and looks to build on recovery from a two-week low set last Friday.
• The recent repeated failure to find bearish acceptance below $33.00 validates the positive outlook.
• Weakness below the 100-period SMA on the 4-hour chart might shift the bias in favor of bears. 

Silver (XAG/USD) attracts fresh buyers following the previous day's flat closing and builds on the steady intraday ascent through the first half of the European session on Tuesday. The white metal currently trades around the $33.35 region, up 0.80% for the day, and looks to build on its modest bounce from a nearly two-week low touched last Friday.

From a technical perspective, the XAG/USD has been showing resilience below the 38.2% Fibonacci retracement level of the move-up from the late February low and the $33.00 mark. The latter now coincides with the 100-period Simple Moving Average (SMA) on the 4-hour chart and should act as a key pivotal point. Given that oscillators on the daily chart are holding in positive territory, the near-term bias seems tilted in favor of bulls and supports prospects for further appreciation. 

Hence, a subsequent strength towards the $33.40 region, or the 23.6% Fibo. level, en route to the next relevant hurdle near the $33.60 area, looks like a distinct possibility. Some follow-through buying should allow the XAG/USD to reclaim the $34.00 round-figure mark and climb further towards testing a multi-month high, around the $34.20-$34.25 region touched on March 18.

Meanwhile, a convincing break and acceptance below the $33.00 mark could shift the near-term bias in favor of bearish traders. The XAG/USD might then weaken further below last week's swing low, around the $32.65 region and the $30.50 area or the 50% Fibo. level, towards testing the $32.00 round figure. This is followed by supports near the $31.80 zone (March 11 low), which if broken might shift the bias in favor of bearish traders and expose the monthly swing low, around the $31.10 region. 

XAG/USD 4-hour chart