Silver Price Forecast: XAG/USD Remains Below $32.50, Support Emerges At 50-Day EMA
Silver (XAG/USD) price continues to show strength for the fifth straight session, trading around $32.30 per troy ounce during the Asian session on Tuesday (4/15). The daily chart technical analysis shows a developing bullish trend, with the grey metal moving up within an ascending channel pattern.
Silver price remains above the nine-day and 50-day Exponential Moving Averages (EMA), indicating strong near-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) is 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 of $34.59, last seen on March 28.
Silver prices may find immediate support at the 50-day EMA near $32.21, followed by the nine-day EMA around $31.90. A break below these levels could signal weakening near-term price momentum, potentially pushing the precious metal towards the $31.50 support area. Further downside support is located at the seven-month low of $28.00, marked on April 7. (Newsmaker23)
Source: FXstreet
