Silver Rallies Toward $34 as Brent Crude Struggles Below Key Resistance

Silver prices have regained momentum, bouncing from recent support and eyeing the $34.00 level once again. Meanwhile, Brent crude oil prices remain under pressure, struggling to break past key resistance.

Silver Price Outlook: Bulls in Control?

After pulling back from $34.00 last week, silver found strong support at $33.00, providing a base for a renewed push higher. The price action suggests that the uptrend is back in play, with a retest of $34.00 imminent.

Should silver break above this resistance level, it could pave the way for a move toward the October 2024 high, just below $35.00. However, a failure to hold gains and a reversal below this week’s low would indicate a possible retracement.

Brent Crude Struggles Below Resistance

Brent crude oil prices have shown resilience despite expectations of a decline. However, sellers are starting to gain some traction, with the price facing pressure below $73.75—a key resistance level from late February and early March.

For a bearish outlook to gain momentum, Brent crude would need to drop below $72.00 and form an intraday lower low. Until then, price action remains in a tight range, with traders closely watching for the next decisive move.

Market Outlook: What’s Next?

• Silver: A break above $34.00 would confirm bullish strength, with $35.00 as the next key level to watch.

• Brent Crude: Below $72.00, sellers could take control, while a move above $73.75 would indicate renewed upside potential.

Both commodities are at critical junctures, and upcoming sessions will determine whether silver continues its breakout or if Brent crude sees further weakness.

{Source IG}

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