Silver (XAG/USD) prices demonstrated continued strength for the fifth consecutive session, trading around $32.30 per troy ounce during the Asian session on Tuesday. Technical indicators suggest a sustained bullish trend, with the metal progressing within an ascending channel pattern.
Silver remains firmly above both the nine-day and 50-day Exponential Moving Averages (EMAs), highlighting strong short-term bullish momentum. Additionally, the 14-day Relative Strength Index (RSI) sits at the neutral 50 level, further supporting the active bullish outlook.
On the upside, the XAG/USD pair may target the upper boundary of the ascending channel near $33.50. A decisive break above this level could reinforce the bullish trend and set the stage for a potential retest of the six-month high at $34.59, which was last reached on March 28.
On the downside, immediate support is found at the 50-day EMA around $32.21, followed by the nine-day EMA near $31.90. A decline below these levels could signal a weakening in short-term momentum, potentially driving silver prices toward the $31.50 support zone. Further downside risk is seen at the seven-month low of $28.00, established on April 7.
