Silver Price Forecast: XAG/USD slips but clings above $33.00

• XAG/USD down 0.70% after hitting two-day low; bullish momentum intact above 50-day SMA.
• Silver finds support at $32.77 as RSI shows bulls still in control.
• Key resistance at $33.69 must be cleared to target $34.58 and $35.00.
• A daily close below $32.90 could open path toward 100- and 200-day SMAs.

Silver price falls some 0.70% on Tuesday, yet it has trimmed some of its earlier losses that pushed the grey's metal below $33.00 to hit a two-day low of $32.77. At the time of writing, the XAG/USD trades at $33.29, remains down in the day.

XAG/USD Price Forecast: Technical outlook

Silver price consolidates for the third straight day, capped on the upside by resistance at $33.69 the May 22 peak and on the downside by the 50-day Simple Moving Average (SMA) at $32.73.

Momentum indicates that buyers are in charge as depicted by the Relative Strength Index (RSI). But they must clear $33.69, so that could pave the way to challenge $34. On further strength, XAG/USD next resistance level would be the March 26 high at $34.58, followed by $35.00.

On the bearish scenario XAG/USD needs to achieve a daily close below the May 23 swing low of $32.90. In that outcome, the next test would be the 50-day Simple Moving Average (SMA) at $32.73. A decisive break will expose the 100-day SMA at $32.11, followed by the 200-day SMA at $31.40.

XAG/USD Price Chart - Daily