Silver Moves Higher Towards $32.00 Barrier Near 14-Day EMA
Silver (XAG/USD) price halted its three-day losing streak, trading near $31.80 per troy ounce during the European session on Wednesday (4/26). Technical analysis on the daily chart suggests a growing bearish outlook, with the metal trading below the lower boundary of its ascending channel pattern.
Silver price is also trading below the nine-day and 14-day Exponential Moving Averages (EMA), indicating weakening short-term momentum. However, the 14-day Relative Strength Index (RSI) has bounced back above the 50 mark, indicating that bullish sentiment remains intact. The upcoming price action will provide clearer insights into the price direction trend.
Source: FXStreet