Silver Price Forecast: XAG/USD rises to near $33.00 with developing bullish bias
Silver price may aim for a retest of the six-week high of $33.69, last seen on April 24.
The 14-day RSI has moved above the 50 level, indicating a strengthening bullish momentum.
Initial support is seen at the nine-day EMA of $32.71, with further support at the 50-day EMA of $32.50.
Silver price (XAG/USD) is extending its gains for the fourth successive session, trading around $33.00 per troy ounce during the Asian hours on Tuesday. Technical analysis of the daily chart indicates a bullish outlook, as the precious metal continues to trade within an ascending channel pattern.
The 14-day Relative Strength Index (RSI) has climbed above the 50 mark, signaling a developing bullish bias. Furthermore, the Silver price has broken above both the nine-day and 50-day Exponential Moving Averages (EMAs), reinforcing the strength of its short-term upward momentum.
On the upside, the XAG/USD pair may target its six-week high at $33.69, reached on April 24. A break above this level would attract buyers and support the price of the precious metal to approach the seven-month high at $34.59, last seen on March 28.
On the downside, the Silver price could test the immediate support at the nine-day EMA of $32.71, followed by the 50-day EMA at $32.50. A break below these levels could weaken the bullish bias and put pressure on the XAG/USD pair to test the eight-month low of $28.00, marked on April 7.
XAG/USD: Daily Chart
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