Silver Price Forecast: XAG/USD rises past $33.00 on weak US Dollar

• Silver finds support amid weaker US Dollar and renewed haven demand sparked by Trump's tariff push.
• XAG/USD stabilizes in $31.67-$32.61 range; upside capped by 50-day SMA.
• Break above $33.50 could target $34.00, while drop below $31.67 eyes 200-day SMA at $31.11.

Silver's price advanced close to 1% on Monday, as the US Dollar (USD) remains pressured due to US President Donald Trump's tariffs and appetite for the haven's appeal of precious metals like Gold and the grey metal. At the time of writing, XAG/USD is at $32.30 after bouncing off daily lows of $31.98.

XAG/USD Price Forecast: Technical outlook

Since peaking on March 28 at $34.58, Silver tumbled to $28.33, a six-month low, before recovering some ground. Still, buyers were unable to reach the $34.00 mark, and for the last three trading days, it stabilized within the $31.67-$32.61 range.

The Relative Strength Index (RSI) shows that momentum favors sellers as the RSI turned bearish on May 1, and XAG/USD slipped through the 50-day Simple Moving Average (SMA) at $32.61.

However, if buyers push XAG/USD past $33.50 on a daily closing, look for a test of $34.00. On the other hand, a breach of $33.00 could send the grey metal to test the 100-day SMA at $31.67. If surpassed, the next stop would be the 200-day SMA at $31.11.

XAG/USD Price Chart - Daily