Silver (XAG/USD) recouped losses from the previous session, trading near $32.40 per troy ounce during Monday’s Asian session. Technical indicators suggest a sustained bullish trend as prices move within an ascending channel.
The metal remains above the nine-day and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) holds above 50, reinforcing the bullish sentiment.
Silver faces immediate resistance at the upper boundary of the ascending channel near $33.10, with the next key level at $33.40—its four-month high reached on February 14.
On the downside, support is found at the nine-day EMA near $32.08, followed by the 14-day EMA at $31.85 and the lower channel boundary at $31.60. A break below this zone could weaken the bullish outlook, exposing the metal to a potential drop toward its five-month low of $28.74, recorded on December 19.