Silver prices (XAG/USD) are continuing their upward momentum for the fourth consecutive session, trading around $33.00 per troy ounce during the Asian hours on Tuesday. The technical outlook remains bullish, with silver maintaining its position within an ascending channel pattern.
Bullish Technical Indicators Support Upward Momentum
The 14-day Relative Strength Index (RSI) has moved above the 50 mark, signaling growing bullish sentiment in the market. Additionally, silver prices have broken above both the nine-day and 50-day Exponential Moving Averages (EMAs), further validating the strength of its short-term rally.
Resistance and Support Levels to Watch
On the upside, silver could target its six-week high of $33.69, reached on April 24. A break above this level would likely attract more buyers, potentially driving the price toward the seven-month high of $34.59, last seen on March 28.
On the downside, immediate support for silver lies at the nine-day EMA around $32.71, followed by the 50-day EMA at $32.50. A drop below these levels could undermine the bullish outlook and put downward pressure on XAG/USD, possibly pushing the price towards the eight-month low of $28.00, which was marked on April 7.
