Silver price forecast: XAG/USD bulls await a movement over the horizontal barrier of $ 31.70 -31.75 $

• The silver approaches a maximum of more than a month reset the day before.
• The technical configuration favors the bullies and supports the perspectives of additional profits.
• Any significant correction could now be seen as a purchase opportunity.

La Plata (XAG/USD) attracts buyers for the second consecutive day on Tuesday and maintains its positive bias, above the average area of ​​$ 31.00 during the first half of the European session. However, the white metal lacks continuation and remains below the barrier of 31.70 $ -31.75 $, or its highest level since December 12 retested on Monday.

From a technical perspective, the breakdown of last week through the confluence of $ 31.00 – which includes the level of fibonacci setback of 38.2% of the fall from October to December and the simple mobile average (SMA) of 100 days – It was seen as a key trigger for the bullies. In addition to this, the oscillators in the daily chart have been gaining positive traction and suggest that the path of lower resistance for the XAG/USD is upwards.

That said, it will still be wise to wait for some purchase of continuation beyond the immediate resistance of 31.70 $ -31.75 $ before positioning for new profits. The XAG/USD could then aim to exceed the 32.00 mark and test the following relevant obstacle near the 32.30 $ -32.40 $ area, approaching the Fibonacci level of 61.8%. The impulse could extend even more towards the recovery of the round brand of 33.00 $.

On the other hand, the resistance rupture of the confluence of $ 31.10 -31.00 now seems to protect the immediate fall, below which the XAG/USD could accelerate the fall towards the support zone of $ 30.25. This is followed by the psychological brand of 30.00. A convincing rupture below the latter could cause aggressive technical sales and drag the white metal to the region of 29.55 on a route to the mark of 29.00.

Daily graphic silver