- Silver price rises along the nine- and 14-day EMAs, reinforcing a bullish outlook.
- The key resistance is seen at the psychological level of $31.00.
- Initial support may be tested at the $30.00 level, followed by the nine-day EMA at $29.83.
Silver prices continue to rise, extending their winning streak since January 1. As of Thursday's European session, XAG/USD trades around $30.20 per troy ounce. A closer look at the daily chart reveals a developing bullish bias, with the metal advancing along the nine- and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum.
The 14-day Relative Strength Index (RSI) has moved above the 50 level, reinforcing the bullish sentiment. While a further increase in Silver prices could suggest further bullish momentum, the alignment of the nine-day and 14-day EMAs indicates a lack of a strong directional trend in the near term.
Potential resistance is seen at the psychological level of $31.00. A decisive break above this level could strengthen the bullish outlook, allowing Silver to target the two-month high of $32.28, last seen on December 9.
On the downside, immediate support is expected at $30.00, followed by the nine-day EMA at $29.83. A move below these levels could weaken short-term momentum and push the XAG/USD pair toward the four-month low of $29.82, recorded on December 19.
XAG/USD: Daily Chart
