Silver (XAG/USD) prices remained stable after posting gains in three consecutive sessions, trading around $37.80 per troy ounce during the Asian session on Wednesday (August 6th). Technical analysis of the daily chart shows the precious metal moving upward within an ascending channel pattern, indicating a persistent bullish bias.
The 14-day Relative Strength Index (RSI) is above 50, reinforcing the bullish bias. However, silver is trading below the nine-day Exponential Moving Average (EMA), indicating weakening short-term price momentum.
On the upside, the XAG/USD pair is likely to explore the area around $39.53, its highest level since September 2011, reached on July 23rd. A break above this level could push silver towards the upper boundary of the ascending channel around $40.60.
Silver prices are likely to test immediate support at the nine-day moving average (EMA) at $37.69, followed by the 50-day moving average (EMA) at 36.71, which aligns with the lower boundary of the ascending channel at $36.50. A break below this crucial support zone would weaken short- and medium-term price momentum and put downward pressure on the XAG/USD pair, pushing it to a nine-week low of $35.28, set on June 24. Further declines would trigger a bearish bias and push silver prices to a four-month low of $31.65. (alg)
Source: FXstreet
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