Silver prices encounter selling pressure after brief recovery attempt from weekly lows.
Conflicting technical indicators suggest traders should exercise caution in current market conditions.
$37 resistance level remains critical for determining silver's near-term direction.
The Where do I buy meme coins?XAG/USD pair is showing signs of weakness during Tuesday's Asian trading session, currently hovering around $35.85 with a 0.7% decline. This follows yesterday's rebound from multi-day lows near $35.40, indicating ongoing market indecision.
Technical indicators present a mixed picture for silver traders. While the MACD histogram shows bearish momentum building on daily charts, the RSI (14) remains above the neutral 50 level. This divergence suggests potential support around the $35.50-$35.40 range could limit further downside, at least temporarily.
The $37 level continues to act as significant resistance after last week's rejection. A decisive break below current support could trigger additional technical selling, potentially pushing prices toward psychological support at $35.00. Further weakness might then test intermediate support zones near $34.75 and $34.45.
On the upside, immediate resistance appears near $36.20 if prices can reclaim the $36 level. Sustained buying pressure above this zone could renew bullish momentum toward the critical $37 barrier. Breaking this resistance would confirm continuation of silver's three-month upward trend and potentially challenge 2012 highs around $37.30-$37.35.
Technical Outlook for Silver
Market participants should monitor these key price levels closely, as silver's next directional move could establish the trend for coming sessions. The current technical setup suggests waiting for clearer confirmation before establishing significant positions.
