Silver price (XAG/USD) retraces its recent gains registered in the previous session, trading around $36.30 per troy ounce during the Asian hours on Friday.
A bullish bias is prevailing as the technical analysis of the daily chart shows the price of the precious metal remains within an ascending channel pattern.
The Silver price is remaining above the nine-day Exponential Moving Average (EMA), further highlighting that the short-term momentum is stronger.
Additionally, the 14-day Relative Strength Index (RSI) hovers slightly below the 70 level after retreating from higher levels, indicating a prevailing bullish bias while also suggesting the potential for a continued downward correction.
The XAG/USD pair may test the immediate barrier at $36.89, the highest since February 2012. A break above this level may strengthen the bullish bias and support the pair to approach the upper boundary of the ascending channel around $38.50.
Source: FXStreet
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