• Silver oscillates in a range on the last trading day of the week. 
• A mixed technical setup warrants caution for aggressive traders.
• Acceptance above $32.00 will set the stage for additional gains.

Silver (XAG/USD) struggles to capitalize on its modest intraday uptick and trades around the $31.15 region during the first half of the European session on Friday, nearly unchanged for the day.

Looking at the broader picture, this week's bounce from the vicinity of the $30.00 psychological mark and a subsequent strength back above the $31.00 mark favors bullish traders. That said, the recent repeated failures to capitalize on momentum beyond the $32.00 mark constitute the formation of a bearish multiple-tops pattern. This, along with mixed oscillators on the daily chart, warrants caution before positioning for any meaningful appreciating move for the XAG/USD. 

From current levels, the $31.55 region is likely to act as an immediate hurdle ahead of the $31.75-$31.80 area and the $32.00 mark. This is followed by resistance near the 32.25 supply zone, which if cleared decisively has the potential to lift the XAG/USD back towards the multi-year peak, just ahead of the $33.00 round figure touched last Friday. Some follow-through buying should pave the way for a move towards the December 2012 swing high, around the $33.85 region.