Silver Price Forecast: XAG/USD flat lines below $37.00 amid mixed technical signals

• Silver lacks any firm intraday direction and consolidates during the Asian session.
• The mixed technical setup warrants caution before placing fresh directional bets.
• A sustained move beyond $37.30-$37.35 would be seen as a key trigger for bulls.

Silver (XAG/USD) struggles to capitalize on the overnight goodish rebound from the $36.15 region, or a multi-day trough, and oscillates in a narrow band during the Asian session on Tuesday. The white metal currently trades around the $36.80 area, nearly unchanged for the day amid a mixed technical setup.

The daily Relative Strength Index (RSI, 14) remains above 50, though the Moving Average Convergence Divergence (MACD) histogram and the signal line are yet to confirm bullish bias. This, in turn, suggests that any move beyond the $37.00 mark could stall near the $37.30-$37.35 region, or the highest level since February 2012 touched earlier this month. Some follow-through buying, however, would set the stage for an extension of a nearly three-month-old uptrend.

On the flip side, the $36.50-$36.45 area could offer immediate support to the XAG/USD ahead of the $36.15-$36.10 region. A further decline below the $36.00 mark could extend towards the $35.50-$35.40 horizontal zone. The latter represents the lower boundary of a short-term trading range held over the past month or so and should act as a key pivotal point. Hence, a convincing break below would shift the near-term bias back in favor of bearish traders.

The XAG/USD might then accelerate the fall towards the next relevant support near the $35.00 psychological mark. The subsequent downfall has the potential to drag the white metal to an intermediate support near the $34.75 en route to the $34.45 region.

Silver daily chart