- Silver price extends the rally to near $32.15 in Wednesday’s early European session, up 0.90% on the day.
- The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator.
- The immediate resistance level emerges at the $33.00-$33.05 region; the key support level to watch is in the $31.15-$31.00 zone.
Silver price (XAG/USD) extends its upside to around $32.15 during the early European session on Tuesday. The white metal edges higher amid uncertainty and trade war worries, which boost the safe-haven demand.
Technically, the bullish trend of Silver remains in play as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 55.00, displaying bullish momentum in the near term.
The first upside target for white metal emerges at the $33.00-$33.05 region, representing the psychological level and the upper boundary of the Bollinger Band. Extended gains could see a rally to $33.40, the high of February 14. The additional upside filter to watch is 34.55, the high of October 29, 2024.
On the other hand, the confluence of the round figure, the lower limit of the Bollinger Band, and the 100-day EMA in the $31.15-$31.00 zone act as key support levels for XAG/USD. Sustained trading below the mentioned level could see a drop to the next contention level at $29.52, the low of January 25.
Silver price (XAG/USD) Daily Chart
