Silver is currently defending the 100-day Simple Moving Average (SMA) support near $31.15, showing a modest recovery from a recent low. Trading is around $31.35, with an increase of over 0.30% for the day, while market participants await the US Personal Consumption Expenditure (PCE) Price Index.

Technical indicators suggest a potential downtrend unless there is a decisive break below the 100-day SMA. Should the price decline below $31.00, it may continue towards $30.25 and potentially reach the psychological level of $30.00.

Further drops could see the price target the $29.50-$29.55 support area, and if $30.00 breaks, it could even approach levels around $28.75. Conversely, resistance is noted near $31.65, with potential upward movement towards $32.00 if surpassed.

If silver maintains strength above $32.00, it may trigger a rally towards the $32.40-$32.45 range and attempt to challenge $33.00. The monthly swing high near $33.40 could also be tested in this scenario.

Silver has found support at the 100-day Simple Moving Average (SMA), holding firm near $31.15 while showing minor recovery. Prices remain near $31.35, with a daily increase surpassing 0.30%. The market is now focused on the upcoming US Personal Consumption Expenditure (PCE) Price Index, which could influence near-term direction.

From a technical perspective, indicators hint at downward pressure unless there is a strong recovery above key levels. A decline beneath $31.00 would likely lead to further weakness, with potential moves towards $30.25 and a psychological barrier at $30.00. Any breach of this zone could open the door for a drop into the $29.50-$29.55 area, with a deeper retracement possibly testing levels near $28.75.

On the upside, $31.65 remains the closest resistance. A sustained push above this could put $32.00 into focus, where bullish momentum might accelerate. If prices hold beyond $32.00, a rise towards $32.40-$32.45 seems plausible, with an attempt at $33.00 also on the table. A continued rally might even see a test of the monthly swing high, located close to $33.40.

For traders involved, recognising these levels is essential in structuring strategies. The balance between support and resistance zones remains delicate, with sentiment hanging on upcoming economic data. Caution is advised as price movement is sensitive to developments in inflation trends and broader market expectations.