Silver Price Forecast: XAG/USD breaks below $32.00 with developing bearish bias

FXStreet
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  • Silver may fluctuate around the eight-month low of $28.00, last touched on April 7.

  • The 14-day RSI has dipped below the 50 mark, signaling increasing bearish momentum.

  • Initial resistance could emerge near the nine-day EMA at $32.46, which is closely aligned with the 50-day EMA at $32.47.

Silver price (XAG/USD) is extending its losses for the second successive session, trading around $31.90 per troy ounce during the Asian hours on Thursday. Technical analysis of the daily chart indicates a weakening of a bullish outlook, as the precious metal price has broken below the ascending channel pattern.

The 14-day Relative Strength Index (RSI) has slipped below the 50 level, indicating a growing bearish bias. Additionally, the Silver price has fallen beneath both the nine-day and 50-day Exponential Moving Averages (EMAs), further highlighting the fading strength of its short-term upward momentum.

On the downside, the Silver price could navigate the region around the eight-month low of $28.00, marked on April 7.

The XAG/USD pair may initially aim for resistance near the nine-day EMA at $32.46, closely aligned with the 50-day EMA at $32.47. A decisive break above these levels could reinforce the bullish outlook, paving the way for Silver to retest the six-week high of $33.69, marked on April 24.

A further breakout beyond this point may attract additional buying interest, potentially driving the price toward the seven-month high of $34.59, last seen on March 28.

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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