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- Silver price could aim for the upper boundary of the ascending channel near $33.50.
- The 14-day RSI holding at the 50 mark reinforces the ongoing bullish bias.
- Immediate support is seen at the 50-day EMA around $32.21.
Silver price (XAG/USD) continues to show strength for the fifth consecutive session, trading around $32.30 per troy ounce during the Asian session on Tuesday. The technical analysis of the daily chart suggests a growing bullish trend, with the grey metal moving upward within an ascending channel pattern.
Silver price remains above both the nine-day and 50-day Exponential Moving Averages (EMAs), indicating strong short-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) sits at the 50 level, reinforcing the active bullish bias.
On the upside, the XAG/USD pair may target the upper boundary of the ascending channel around $33.50. A decisive break above this level could strengthen the bullish outlook and pave the way for a retest of the six-month high at $34.59, last seen on March 28.
Silver price may find immediate support at the 50-day EMA near $32.21, followed by the nine-day EMA around $31.90. A break below this level could signal weakening short-term price momentum, potentially driving precious metals’ price toward the $31.50 support area. Further downside support lies at the seven-month low of $28.00, marked on April 7.
XAG/USD: Daily Chart
