Silver (XAG/USD) ended its two-day losing streak, trading around $33.20 per troy ounce during Thursday’s Asian session as the precious metal consolidates within a defined rectangular pattern on the daily chart.
Technical indicators suggest a neutral outlook for silver. The 14-day Relative Strength Index (RSI) has inched just above the 50 level, hinting at a possible shift toward bullish momentum. Meanwhile, the price hovers near the nine-day Exponential Moving Average (EMA), reflecting an impartial short-term trend.
Key support levels to watch include the nine-day EMA at $33.10 and the 50-day EMA at $32.69. A breakdown below these points could undermine both short- and medium-term momentum, potentially pushing silver toward the rectangle’s lower boundary at $31.80 and the six-week low of $31.65 recorded on May 15.
On the upside, resistance lies near the rectangle’s upper boundary at $33.60, close to the seven-week peak of $33.69 reached on April 24. A decisive break above this resistance zone could trigger a bullish rally, driving silver prices toward the seven-month high of $34.59 last seen on March 28.
