- Silver price encounters initial resistance at the 14-day EMA around $32.12.
- Bearish sentiment strengthens as XAG/USD trades below the ascending channel on the daily chart.
- The $31.00 psychological level serves as the first key support.
Silver price (XAG/USD) pauses its three-day decline, hovering around $31.80 per troy ounce during Wednesday’s European session. Technical indicators on the daily chart suggest a bearish bias, as the metal remains below the ascending channel’s lower boundary.
Silver also trades under the nine-day and 14-day Exponential Moving Averages (EMAs), signaling weakened short-term momentum. However, the 14-day Relative Strength Index (RSI) has rebounded above 50, suggesting that bullish sentiment is still present. Further price action will determine the market’s directional trend.
Initial support is seen at the $31.00 psychological level. A decisive break below this mark could reinforce bearish momentum, pushing Silver toward the five-month low of $28.74, last reached on December 19.
The 14-day EMA at $32.12 serves as immediate resistance, followed by the nine-day EMA near $32.19. A return above these levels could restore the bullish outlook, targeting the four-month high of $33.40. A breakout beyond this level may drive Silver toward the ascending channel’s upper boundary near $35.00.
XAG/USD: Daily Chart
