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Silver price may target the upper edge of the ascending channel around $33.50.
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The 14-day RSI hovering near the 50 level supports a sustained bullish outlook.
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Key immediate support lies at the 50-day EMA, currently near $32.21.
Silver (XAG/USD) continues its bullish run for the fifth straight session, trading near $32.30 per troy ounce during Tuesday’s Asian session. Technical analysis on the daily chart highlights an ongoing upward trajectory, with the metal trending higher within a well-defined ascending channel.
XAG/USD holds firmly above both the 9-day and 50-day Exponential Moving Averages (EMAs), indicating solid short-term bullish momentum. Additionally, the 14-day Relative Strength Index (RSI) stabilizing at the 50 level further supports the prevailing positive bias.
On the upside, silver may aim for the upper boundary of the ascending channel near $33.50. A clear breakout above this level could enhance bullish sentiment and open the door for a move toward the six-month high of $34.59, last reached on March 28.
To the downside, immediate support is located at the 50-day EMA around $32.21, followed by the 9-day EMA near $31.90. A drop below these levels may suggest fading momentum, potentially exposing the $31.50 support area. Deeper losses could see silver retreat toward the April 7 low at $28.00.
XAG/USD: Daily Chart
