Silver Price Forecast: XAG/USD hovers near $34.00 as bulls take a breather

NEW YORK (March 17) Silver prices consolidated near the $33.80 mark for the third consecutive trading day, with buyers struggling to clear the $34.00 a troy ounce mark. At the time of writing, as the Asian session commences, the XAG/USD trades at $33.85, which is virtually unchanged.

XAG/USD Price Forecast: Technical outlook

Silver's price rally halted once the grey metal peaked yearly at $34.08. Since then, buyers have lacked the strength to drive the precious metal to challenge last year’s peak of $34.86, which, if taken out, would pave the way for testing the $35.00 mark.

Worth noting that the Relative Strength Index (RSI) turned flat near overbought territory. This hints that buyers could be taking a breather before launching an assault to challenge higher prices.

Conversely, XAG/USD failed to conquer $34.00, paving the way for a pullback. The first support would be the February 14 high of $33.39. A breach of the latter will expose the $33.00 figure, followed by the 50-day Simple Moving Average (SMA) at $30.57.

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