- The price of Silver continues to gain ground due to the prevailing bullish bias.
- The main barrier appears around the upper boundary of the ascending channel at the level of $32.60.
- The nine-day and 14-day EMA at $31.27 and $31.17, respectively, would act as major supports.
The price of Silver (XAG/USD) extends its gains for a second day, trading around $32.00 per troy ounce during Asian hours on Tuesday. Analysis of the daily chart indicates a bullish bias, with the pair moving upwards within an ascending channel pattern. Furthermore, the 14-day Relative Strength Index (RSI) remains above the 50 level, further supporting the bullish sentiment.
The XAG/USD pair continues to trade above the nine-day and 14-day EMA, reinforcing a bullish outlook and signaling strengthening near-term price momentum. This points to growing buying interest and increases the likelihood of further price appreciation.
In terms of upside, the Silver price finds a main barrier around the upper boundary of the ascending channel at the $32.60 level. A break above this level could reinforce the bullish bias and support the XAG/USD pair to approach its November high at $33.13.
To the downside, main support appears at the nine-day EMA at $31.28, followed by the 14-day EMA at $31.17. The lower boundary of the ascending channel at the $31.00 level could act as an important support.
A break below the descending channel could weaken the bullish bias and put downward pressure on the price of the precious metal to test a “pullback support” at the psychological level of $30.00.
XAG/USD: Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
