- Silver price hit a fresh all-time high of $94.76 on Tuesday.
- The 14-day RSI at 72.81 signals stretched momentum and potential consolidation.
- The nine-day EMA is rising sharply below the XAG/USD, offering initial support.
Silver price (XAG/USD) inches lower after hitting a fresh record high of $94.76, currently trading around $94.20 per troy ounce during the European hours on Tuesday. Daily chart technical analysis shows the precious metal trading higher within an ascending channel, signaling a sustained bullish bias.
The 14-day Relative Strength Index (RSI) at 72.81 is overbought, flagging stretched momentum that could prompt consolidation. Additionally, the nine-day Exponential Moving Average (EMA) rises steeply and sits below the price, providing initial support. The 50-day EMA trends higher, reinforcing the medium-term uptrend.
Stability above the short- and medium-term averages would keep the bullish sequence intact and lead the Silver price to test the upper boundary of the ascending channel around $96.90, followed by the psychological level of $97.00
Above the rising nine-day EMA at $88.59, the bias stays higher, though near-term rallies could stall until momentum resets. A pullback would be expected to hold above the lower ascending channel boundary around $80.10. A break beneath the channel could shift risk toward a broader correction around the 50-day EMA at $70.23.
