Silver (XAG/USD) found support during the Asian session on Tuesday, attracting dip-buying near the $30.20 level as it seeks to build on the recent bounce from the 100-period Exponential Moving Average (EMA) on the 4-hour chart. Despite easing from a two-day high, the white metal remains in positive territory, trading around the $30.60-$30.55 range, up 0.25% on the day.
Looking at the broader trend, Silver has shown a steady upward trajectory over the past four weeks, climbing from the $28.75-$28.70 zone, which marked a multi-month low in December. The price movement has followed an upward-sloping channel, and with oscillators on the daily chart gaining positive momentum, the outlook for XAG/USD remains bullish. This supports the expectation of further near-term gains, potentially pushing the price toward the $31.00 level.
However, Silver may face resistance near the upper boundary of the channel, currently around $31.25. A sustained breakout above this barrier could propel the metal toward the $32.00 mark, with an intermediate hurdle near the $31.45-$31.50 region. If bullish momentum continues, XAG/USD could target the December swing high around $32.25-$32.30.
On the downside, the $30.00 level, which coincides with the 100-period EMA and the lower end of the ascending channel, remains a key support level. A decisive break below this area could shift the bias toward the bears, potentially triggering a move towards $29.50, followed by further declines toward the $29.00 mark and the December low at $28.75-$28.70.
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