XAG/USD Bullish outlook remains in play near $33.50

• Silver price posts modest gains to near $33.50 in Monday’s early European session. 
• The positive view of the metal prevails above the key 100-day EMA with the bullish RSI indicator. 
• The immediate resistance level emerges at the $33.60-$33.70 region; the first support level to watch is $32.61.

The Silver price (XAG/USD) trades with mild gains around $33.50 during the early European session on Monday. The escalating geopolitical tensions along with the weaker Dollar (USD) provide some support to the safe-haven currency like the Japanese Yen (JPY). Traders will keep an eye on the Bank of Japan’s (BoJ) Governor Kazuo Ueda speech later on Monday.

Technically, the constructive outlook of Silver remains in place as the white metal is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 57.45, displaying bullish momentum in the near term.

The first upside barrier emerges in the $33.60-$33.70 zone, representing the upper boundary of the Bollinger Band. A decisive break above this level could pick up more momentum and aim for $34.60, the high of May 28. Further north, the crucial resistance level is seen at the $35.00 psychological level. 

In the bearish case, the low of May 22 at  $32.61 acts as an initial support level for the white metal. A breach of this level could drag the major pair toward 32.20, the 100-day EMA. The additional downside filter to watch is $31.0 and the lower limit of the Bollinger Band.  

Silver (XAG/USD) daily chart

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