Image Source: Pixabay
 

Silver price (XAG/USD) recovers losses from the previous two consecutive days, trading around $94.20 per troy ounce during the European hours on Thursday. The technical analysis of the daily chart timeframe suggests the price of the precious metal remains within an ascending channel pattern, suggesting a persistent bullish bias.

Silver price holds well above the rising nine-day Exponential Moving Average (EMA), underscoring firm near-term momentum. The short-term average’s positive slope keeps the bullish bias intact. The medium-term trend is reinforced by the ascending 50-day EMA, which acts as structural support. While the XAG/USD pair remains above the short- and medium-term averages, setbacks would be corrective.

On the upside, the Silver price could test the record high of $95.89, which was recorded on January 20, 2025, followed by the upper boundary of the ascending channel around $98.50.

The 14-day Relative Strength Index (RSI) at 70.99 is overbought and maintains a risk of consolidation, whereas a moderation would open room for trend extension, with scope for a pause or pullback toward the nine-day EMA at 90.36. A break beneath the short-term average would expose the lower boundary of the ascending channel around $81.10, followed by the 50-day EMA at 72.04.

More By This Author: