- Silver slips after strong rally as traders reduce exposure ahead of key US macroeconomic releases next week.
- A close below $34.23 opens door to deeper pullback, with $33.51 and $33.00 as key downside targets.
- Bulls need to hold above $34.25 to retest YTD high at $34.58 and make a run toward $35.00.
Silver price hits a five-month high but retreats toward the $34 figure late on Friday, as traders brace for the weekend, eyeing a busy economic schedule in the United States (US). At the time of writing, the XAG/USD pair trades at $34.03, down by over 1%.
XAG/USD Price Forecast: Technical outlook
Silver hit $34.58 earlier, before retreating as traders seem to book profits, taking risks off the table. As the grey metal falls, it has cleared the first support seen at $34.23, March 18 peak. If sellers achieve a daily close below the latter, XAG/USD could extend its losses beneath $34.00.
In that outcome, the first support would be the March 26 daily low of $33.51. Once surpassed the next stop would be $33.00. On the other hand, if Silver remains above $34.25, bulls could be poised to claim the year-to-date (YTD) high of $34.58, ahead of testing $35.00
XAG/USD Price Chart – Daily
