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Silver price hovers near the 14-day EMA resistance at $29.83.
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The 14-day RSI remains steady around the 50 mark, reflecting a neutral market sentiment.
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Initial support could be tested at the December 19 four-month low of $28.74.
Silver price (XAG/USD) recovers some losses from the previous session, trading near $29.80 per troy ounce during European trading hours on Tuesday. The daily chart indicates a neutral short-term momentum, with XAG/USD hovering around the nine-day and 14-day Exponential Moving Averages (EMAs). A breakout above or below these levels may provide clearer directional cues.
The 14-day Relative Strength Index (RSI) remains near the 50 mark, signaling a balanced market outlook with no clear signs of overbought or oversold conditions. This equilibrium suggests a tug-of-war between bullish and bearish forces.
Currently, Silver price tests resistance at the 14-day EMA of $29.83, closely followed by the nine-day EMA at $29.84. A decisive breakout above these levels could lift sentiment, pushing XAG/USD toward the psychological barrier of $30.00. Sustained momentum above $30.00 might pave the way for a rally toward the two-month high of $32.28, last seen on December 9.
On the downside, initial support rests at the four-month low of $28.74, recorded on December 19, with the next key level at $28.00. A break below these thresholds could increase bearish pressure, signaling further downside potential for XAG/USD.
XAU/USD Daily chart
