Silver Price Forecast: XAG/USD holds above $33.00 in holiday-thinned trade

• XAG/USD climbs to $33.47, eyes key resistance at $33.68 and $34.00 amid sustained bullish bias.
• Price action leans bullish; break above $33.68 may trigger test of $34.58.
• Support seen at $32.90, with 50-day SMA at $32.74 as next downside target.

Silver price finished Monday's session with minimal gains as the Greenback's sell-off extended for the beginning of the week, even though financial markets in the US and the UK remained closed for holidays. At the time of writing, XAG/USD trades at $33.47.

XAG/USD Price Forecast: Technical outlook

The grey metal remains consolidating, though slightly tilted to the upside. Stir resistance is seen at $33.68, the April 25 high, but a decisive breach of that level paves the way for testing at $34.00. Once these two levels are cleared, look for a challenge of the March 26 peak of $34.58.

For a bearish scenario, XAG/USD needs to slide below the May 23 swing low of $32.90. This opens the path to challenge the 50-day Simple Moving Average (SMA) at $32.74. A decisive break will expose the 100-day SMA at $32.11, followed by the 200-day SMA at $31.40.

Despite being bullish, the Relative Strength Index (RSI) is flat, indicating sideways price action. However, price action and RSI suggest that further upside is seen.

XAG/USD Price Chart - Daily