Silver Price Forecast: XAG/USD reaclims $33.00 on weak US jobs data boosting haven demand

• Silver rises over 1%, with bullish momentum building; key resistance at $33.69 eyed for breakout confirmation.
• Disappointing US labor data sparks renewed interest in silver as a defensive asset.
• Buyers must clear $33.69 to target $34.58 and March high near $35.00.
• Daily close below $32.90 would shift bias bearish, exposing key SMAs as downside targets.

Silver price advanced more than 1% on Thursday, climbing back above $33.00 as demand for safe-haven metals increased following the release of weak US jobs data. At the time of writing, the XAG/USD trades at $33.31.

XAG/USD Price Forecast: Technical outlook

Silver price consolidates for the third straight day, capped on the upside by resistance at $33.69 at the May 22 peak and on the downside by the 50-day Simple Moving Average (SMA) at $32.70.

Momentum suggests that buyers are in control, as indicated by the Relative Strength Index (RSI). However, they must clear $33.69, which could pave the way for a challenge of $34. On further strength, XAG/USD's next resistance level would be the March 26 high at $34.58, followed by $35.00.

For a bearish continuation, 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