Silver Price Forecast: XAG/USD flirts with ascending channel hurdle, around mid-$34.00s

• Silver holds steady near a multi-month high touched earlier this Friday.
• The bullish technical setup supports prospects for further appreciation.
• Any pullback could be seen as a buying opportunity and remain limited.

Silver (XAG/USD) climbs its highest level since late October 2024 during the first half of the European session on Friday and currently trades around mid-$34.00s, up nearly 0.30% for the day. Bulls, however, opt to wait for the US Personal Consumption Expenditure (PCE) Price Index for cues about the Federal Reserve's (Fed) rate-cut path and before placing fresh bets. 

From a technical perspective, the strong positive move witnessed since the beginning of 2025 has been along an upward-sloping channel. Moreover, oscillators on the daily chart are holding comfortably in positive territory and are still away from being in the overbought zone. This, in turn, favors bulls and suggests that the path of least resistance for the XAG/USD is to the upside. 

That said, it will be prudent to wait for a sustained move beyond the trend-channel resistance before positioning for additional gains towards retesting a multi-year peak, around the $34.85 zone touched in October. Some follow-through buying will be seen as a fresh trigger for bulls and set the stage for an extension of a well-established multi-month-old uptrend. 

On the flip side, any corrective pullback might now be seen as a buying opportunity and is more likely to remain cushioned near the $34.00 round figure. A convincing break below, however, might prompt some technical selling and drag the XAG/USD to the next relevant support near the $33.50 region en route to the $33.00 mark and last week's swing low, around the $32.65 area. 

Silver daily chart