Silver Price Forecast: XAG/USD rises to near $33.00 with developing bullish bias

FXStreet
Updated
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  • 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



* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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