Silver (XAG/USD) price extended its decline for the second straight session, trading around $31.90 per troy ounce during Asian hours on Thursday (5/15). The daily chart technical analysis suggests a weakening bullish outlook, as the precious metal has dropped below an ascending channel pattern.
The 14-day Relative Strength Index (RSI) has dropped below the 50 level, indicating a developing bearish bias. Moreover, Silver price has fallen below the nine-day and 50-day Exponential Moving Averages (EMA), further highlighting the fading strength of its near-term upside momentum.
On the downside, Silver price could hover around the eight-month low of $28.00, touched on April 7.
The XAG/USD pair may initially target resistance near the nine-day EMA at $32.46, which is very close to the 50-day EMA at $32.47. A decisive break above this level could strengthen the bullish outlook, paving the way for Silver to retest the six-week high of $33.69, touched on April 24.
A break beyond this level could attract additional buying interest, potentially pushing the price towards the seven-month high of $34.59, last seen on March 28. (Newsmaker23)
Source: FXstreet
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