Silver price could find the immediate support at the nine-day EMA of $33.10.
The bullish bias could emerge as the 14-day RSI moved above the 50 level.
The rectangle’s upper boundary at $33.60 appears as the primary barrier.
Silver price (XAG/USD) halts its two-day losing streak, trading around $33.20 per troy ounce during the Asian hours on Thursday. Technical analysis of the daily chart indicates a neutral bias, as the price of the precious metal consolidates within a rectangular pattern.
The 14-day Relative Strength Index (RSI) has moved slightly above the 50 level, indicating a potential for a bullish bias to emerge. Additionally, the Silver price is hovering around the nine-day Exponential Moving Average (EMA), further highlighting that the short-term momentum is impartial.
Silver price could retest the immediate support at the nine-day EMA of $33.10, followed by the 50-day EMA at $32.69. A break below these levels could weaken the short- and medium-term price momentum and put downward pressure on the price of the grey metal to navigate the area around the lower boundary of the rectangle at $31.80, followed by the six-week low at $31.65, which was recorded on May 15.
On the upside, the XAG/USD pair could explore the region around the rectangle’s upper boundary at $33.60, aligned with the seven-week high at $33.69, reached on April 24. A break above this crucial resistance zone could cause the emergence of the bullish bias and lead the Silver price to approach the seven-month high of $34.59, last seen on March 28.
XAG/USD: Daily Chart
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