Silver price (XAG/USD) loses ground after registering gains in the previous session, trading around $32.80 during the Asian hours on Wednesday.
Technical analysis on the daily chart indicates a weakening bullish bias, with the grey metal remaining below an ascending channel pattern.
However, the Silver price remains above the nine-day and 50-day Exponential Moving Averages (EMAs), signaling that short-term momentum is stronger and further upward movement.
Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 mark, reinforcing the bullish bias.
On the upside, the primary barrier appears at the four-month high of $33.40, recorded on February 14, which is aligned with the lower boundary of the ascending channel.
A successful return to the ascending channel would strengthen the bullish outlook and drive the metal price toward the channel's upper boundary at $35.10.
Source: FXStreet
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