Silver Price Forecast: XAG/USD rebounds from 200-SMA on H4, $38.25 barrier holds the key

• Silver reverses an Asian session dip to the 200-SMA pivotal support on H4.
• The mixed technical setup warrants caution before placing directional bets.
• A move beyond $38.20-$38.25 should pave the way for additional gains.

Silver (XAG/USD) attracts some dip-buyers near the $37.80 region during the Asian session on Monday. The white metal climbs back above the $38.00 mark, hitting a fresh daily peak in the last hour.

From a technical perspective, the XAG/USD once again finds decent support near the 200-period Simple Moving Average (SMA). This level should act as a key pivotal point. A convincing break below it will be seen as a key trigger for bearish traders and could pave the way for deeper losses.

The subsequent fall could drag the XAG/USD to the next relevant support near mid-$37.00s en route to the $37.00 neighborhood. Some follow-through selling would expose the monthly swing low, around the $36.20 region, before the white metal weakens further below the $36.00 mark.

Meanwhile, oscillators on the daily chart are still holding with a slight positive move. This, in turn, warrants some caution before placing aggressive bearish bets around the XAG/USD. That said, any further move up is likely to confront a stiff barrier near the $38.20-$38.25 region.

A sustained strength beyond the latter, however, might shift the bias in favor of bulls and lift the XAG/USD to the $38.50-$38.55 intermediate hurdle en route to the multi-week top, around the $38.75 zone. The momentum could extend further towards reclaiming the $39.00 mark.

Silver 4-hour chart