Silver (XAG/USD) price continues its uptrend, extending the winning streak that began on January 1. The grey metal was trading around $30.20 per troy ounce during European hours on Thursday (9/1). A closer look at the daily chart shows a developing bullish bias, with the XAG/USD pair pushing higher along the nine- and 14-day Exponential Moving Averages (EMAs), indicating strong near-term price momentum.

The 14-day Relative Strength Index (RSI) has also risen above the 50 level, strengthening the bullish sentiment. Further upside in Silver price could indicate developing bullish momentum. However, the alignment of the nine-day EMA with the 14-day EMA still suggests the absence of a strong directional trend in the near-term price movement.

Silver price may face potential resistance at the psychological level of $31.00. A decisive break above this level could strengthen the bullish momentum, paving the way for the precious metal to target a two-month high of $32.28, last touched on December 9. On the downside, immediate support is likely located at the psychological level of $30.00, followed by the nine-day EMA at $29.83. A break below this level could weaken the near-term momentum, potentially pushing the XAG/USD pair towards a four-month low of $29.82, recorded on December 19.(AL)

Source: Fxstreet