Silver Price Forecast: XAG/USD trades near $36.00 support, ascending channel’s lower boundary
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Silver price may find immediate resistance at $36.89, the highest since February 2012.
The 14-day Relative Strength Index remains below the 70 level, indicating a persistent bullish bias.
The ascending channel’s lower boundary around $36.10 acts as the immediate support.
Silver price (XAG/USD) retraces its recent gains registered in the previous session, trading around $36.30 per troy ounce during the Asian hours on Friday. A bullish bias is prevailing as the technical analysis of the daily chart shows the price of the precious metal remains within an ascending channel pattern.
The Silver price is remaining above the nine-day Exponential Moving Average (EMA), further highlighting that the short-term momentum is stronger. Additionally, the 14-day Relative Strength Index (RSI) hovers slightly below the 70 level after retreating from higher levels, indicating a prevailing bullish bias while also suggesting the potential for a continued downward correction.
The XAG/USD pair may test the immediate barrier at $36.89, the highest since February 2012. A break above this level may strengthen the bullish bias and support the pair to approach the upper boundary of the ascending channel around $38.50.
Silver price is testing the ascending channel’s lower boundary around $36.10, followed by the nine-day EMA at $35.77. A break below this crucial support zone could weaken the short-term price momentum and put downward pressure on the 50-day EMA at $33.74.
A successful breach below the 50-day EMA could dampen the medium-term price momentum and prompt the price of the precious metal to navigate the region around the two-month low at $31.65, which was recorded on May 15.
XAG/USD: Daily Chart
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