Silver (XAG/USD) retreated on Wednesday after gaining in the previous session, trading around $32.80 during Asian market hours. Technical indicators suggest a waning bullish trend, as the metal remains below an ascending channel pattern.
Despite this, Silver continues to trade above the nine-day and 50-day Exponential Moving Averages (EMAs), indicating sustained short-term momentum. The 14-day Relative Strength Index (RSI) also holds above 50, reinforcing the bullish outlook.
Resistance is seen at the four-month high of $33.40, recorded on February 14, which coincides with the lower boundary of the ascending channel. A move back into the channel could bolster Silver’s upward trajectory, with the next target at $35.10.
On the downside, immediate support lies at the nine-day EMA of $32.41, followed by the 50-day EMA at $31.65. A drop below this level could weaken short- and medium-term momentum, potentially driving prices toward the two-month low of $30.70, recorded on February 3.