Silver Price Holds Above $33.50 as Bullish Outlook Remains Intact

Silver Price Outlook: Bullish Scenario Still Under Consideration at $33.50

Silver (XAG/USD) is trading with slight gains around the $33.50 mark during early European trading hours on Monday. The white metal remains supported by ongoing geopolitical tensions and a weakening US Dollar, both of which are lending strength to safe-haven assets like silver and the Japanese Yen.

Technically, the outlook for silver remains bullish as long as the price holds above the key 100-day Exponential Moving Average (EMA) on the daily chart. The 14-day Relative Strength Index (RSI) is positioned above the neutral 50 line, near 57.45, which indicates positive near-term momentum despite recent choppy price action.

The first notable resistance zone lies between $33.60 and $33.70—also the upper boundary of the Bollinger Band. A break above this zone could encourage additional buying interest and push silver toward the May 28 high of $34.60. The next major psychological barrier to the upside is $35.00.

On the downside, initial support is seen at $32.61. A drop below this level could trigger a deeper correction, but as long as silver stays above the 100-day EMA, the overall bullish tone is expected to persist.

Investors will also be watching for comments from Bank of Japan Governor Kazuo Ueda later today, which may influence broader market sentiment and the US Dollar's direction.