Silver prices are on the rise, supported by a bullish daily chart analysis. The XAG/USD pair is showing strong momentum, potentially reaching its three-month high. While initial resistance lies at $32.65, a breakdown below $31.10 could reverse the trend.
Silver prices are showing signs of continued growth, according to daily chart analysis which indicates a persistent bullish bias. The metal is currently hovering around $32.00 per troy ounce during Monday's Asian session, rebounding from recent declines. A key indicator of this bullish trend is the XAG/USD pair remaining above both the nine-day and 14-day Exponential Moving Averages (EMAs), suggesting strong short-term momentum.
Furthermore, the 14-day Relative Strength Index (RSI) staying above the 50 mark reinforces the prevailing positive sentiment. Silver might face initial resistance at its three-month high of $32.65, a level last tested on February 7, coinciding with the upper boundary of the ascending channel it's currently trading within. A decisive break above this level could strengthen the bullish trend, potentially steering the XAG/USD pair towards the psychologically significant $33.00 mark.On the downside, support is located at the nine-day EMA at $31.71, followed by the 14-day EMA at $31.44, and the ascending channel's lower boundary at $31.10. A drop below this crucial support zone could weaken the bullish outlook, exposing the XAG/USD pair to further downward movement towards its five-month low of $28.74, recorded on December 19. Investors seeking to understand the dynamics of silver pricing should consider various factors such as geopolitical events, economic recessions, interest rates, US dollar strength, industrial demand, and global supply and recycling rates.
SILVER PRICE XAGUSD BULLISH TREND SUPPORT RESISTANCE COMMODITY MARKET
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