Silver (XAG/USD) price continued its uptrend for the fourth straight session, trading near $32.30 per troy ounce during the Asian trading hours on Thursday (February 6). Technical analysis on the daily chart highlights a strong bullish bias, with the price maintaining its upward trajectory within an ascending channel.
The XAG/USD pair remains above the nine-day and 14-day Exponential Moving Averages (EMA), indicating solid near-term momentum. Moreover, the 14-day Relative Strength Index (RSI) is nearing the 70 level, which reinforces the bullish sentiment. A break above the 70 level could signal overbought conditions, potentially leading to a downward correction.
On the upside, Silver price faces immediate resistance at its three-month high of $32.56, last touched on February 5. A decisive break above this level could pave the way for a test of the upper boundary of the ascending channel at $33.10.
Source: FXStreet
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