Holding the 33.0 Threshold, the Bullish Trend Remains Intact

Summary:

Despite short-term selling pressure in silver, the bulls are holding above 33.0, and a pullback may present a new buying opportunity.

BUY XAGUSD

Close Time

CLOSED

32.998

Entry Price

34.000

32.400

57.527 -0.111 -0.19%

59.8

Pips

Loss

32.400

Exit Price

32.998

Entry Price

34.000

Fundamentals

The dollar's appreciation was driven by discussions between U.S. and Russian officials in Saudi Arabia on Monday, aimed at achieving a comprehensive ceasefire in Ukraine. This, coupled with Trump's more cautious stance and flexibility regarding tariffs on trade partners, bolstered the dollar, prompting profit-taking among gold and silver bulls

However, direct dialogue between Russia and Ukraine remains absent, with intensified conflict on the battlefield. Progress on Trump's pre-election promise to swiftly resolve the Russia-Ukraine war has been limited. Furthermore, new U.S. sanctions against Iran and the ongoing conflict in the Middle East continue to elevate geopolitical risk premiums, while uncertainty surrounding U.S. tariff policies provides safe-haven support for gold and silver.

The upcoming February U.S. PCE report may serve as a short-term inflection point. Given that silver is still within a broader upward structure, any pullback is likely to be temporary.

Technical Analysis

Holding the 33.0 Threshold, the Bullish Trend Remains Intact_1

In the 4H timeframe, the XAGUSD has initiated a rebound this week following several days of decline. The price of silver has maintained support at the previous high-volume trading zone of 32.8-33.0, indicating a clear support level. Despite recent selling pressure, the upward trend remains intact, suggesting a bullish outlook. A break of 33.5 could lead to a retest of the 34.0 threshold.

It is recommended to go long if the price stabilizes around 33.0 following the pullback, with a target near 34.0 and a stop-loss below 32.6.

Trading Recommendations

Trading Direction: Buy

Entry Price: 33.0

Target Price: 34.0

Stop Loss: 32.4

Support: 32.8/32.3

Resistance: 33.5/34.0

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