Silver (XAG/USD) price extended its rally for the third straight session, trading around $30.80 per troy ounce during the Asian trading hours on Wednesday (1/22). The daily chart analysis shows a bullish bias prevailing for the precious metal, as its price continues to rise within an ascending channel pattern.
The short-term momentum is strong, with the XAG/USD pair trading above the nine-day and 14-day Exponential Moving Averages (EMA). Moreover, the 14-day Relative Strength Index (RSI) is positioned above the 50-level, reinforcing the active bullish sentiment.
On the upside, Silver price may find initial resistance around the upper boundary of the ascending channel at $31.80. A break above this level could boost market sentiment and push the XAG/USD pair towards its two-month high of $32.28, last touched on December 9.
Immediate support is at the nine-day EMA at $30.47, followed by the 14-day EMA at $30.32. Further support emerges around the lower boundary of the ascending channel at $30.00. A break below this channel would trigger a bearish bias and put pressure on the XAG/USD pair to navigate the region around its four-month low of $28.74, recorded on December 19. (AL)
Source: FXstreet
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