Usman Salis
Silver (XAG) rebounded to $32.00 during Monday’s Asian session, maintaining bullish momentum above key EMAs. A breakout above $32.65 could push XAG/USD toward the psychological $33.00 level.
Silver (XAG) Steadies Above $32, Maintaining Bullish Momentum
Silver (XAG) price remains in an uptrend, trading near $32.00 per troy ounce in Monday’s Asian session. The metal continues to climb within an ascending channel, reinforcing strong bullish sentiment in the market.
Technical indicators confirm the uptrend, with XAG/USD holding above the nine-day and 14-day Exponential Moving Averages (EMAs). The 14-day Relative Strength Index (RSI) also remains above 50, signaling ongoing buying pressure.
XAG/USD Faces Key Resistance at $32.65
Silver price approaches a critical resistance level at $32.65, marking a three-month high tested on February 7. This level aligns with the upper boundary of the ascending channel, making it a crucial hurdle for further gains.
A decisive move above $32.65 could open the door for XAG/USD to test the psychological $33.00 level, reinforcing bullish dominance in the market.
While silver (XAG) remains in an uptrend, key support levels will be crucial in case of a pullback. The first support lies at the nine-day EMA of $31.71, followed by the 14-day EMA at $31.44. A break below these levels could push the price toward the ascending channel’s lower boundary at $31.10.
If bearish pressure intensifies, a drop below $31.10 could expose XAG/USD to deeper losses, potentially revisiting its five-month low of $28.74, recorded on December 19.
Silver’s Outlook: Bulls Eye Further Gains
With strong momentum and solid technical support, silver (XAG) remains well-positioned for further upside. If buyers manage to push prices past $32.65, a rally toward $33.00 appears likely. However, traders should watch for any signs of weakness near key EMAs, as a failure to hold above $31.71 could trigger a bearish correction.
As silver continues to navigate key technical levels, investors remain focused on potential catalysts that could drive further volatility in XAG/USD.
Usman Salis
