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Silver remains directionless on Friday, fluctuating between modest gains and slight losses.
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The overall technical picture continues to support a bullish bias, suggesting room for further upside in the near term.
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A clear drop below the previous session’s low would be required to challenge this positive outlook.
Silver (XAG/USD) struggled to build on the previous day’s rebound from the $35.45 zone—its weekly low—and saw volatile price action during the early European session. The metal has since steadied around the $36.30–$36.35 range, staying within close proximity to Monday’s high, which marked its strongest level since February 2012.
Technically, the recent sideways movement appears to be a bullish consolidation following a sharp rally from the April swing low. The daily Relative Strength Index (RSI) has cooled from overbought territory, and the absence of aggressive selling pressure indicates that the near-term bias remains tilted to the upside.
In case of a minor pullback, support is expected near the $36.00 area and the recent swing low around $35.45. A decisive drop below this level could spark a deeper correction, exposing the $35.00 psychological level and possibly extending toward intermediate support at $34.55–$34.50, followed by the $34.00 round figure.
On the flip side, bulls may look for a clear break above the multi-year high near $36.85–$36.90 to confirm renewed upside momentum. Such a move could open the door for a continued advance beyond the $37.00 level, potentially targeting the February 2012 high in the mid-$37.00s.
Silver daily chart
