Silver Price Forecast: XAG/USD rises to near $32.00 within an ascending channel

• Silver price continues to gain ground due to the prevailing bullish bias.
• The primary barrier appears around the upper boundary of the ascending channel at the $32.60 level.
• The nine- and the 14-day EMA at $31.27 and $31.17, respectively, would act as primary supports.

Silver price (XAG/USD) extends its gains for the second day, trading around $32.00 per troy ounce during the Asian hours on Tuesday. The daily chart analysis indicates a bullish bias, with the pair moving upwards within an ascending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 mark, further supporting the bullish sentiment.

The XAG/USD pair continues to trade above the nine- and 14-day Exponential Moving Averages (EMA), reinforcing a bullish outlook and signaling to strengthen short-term price momentum. This points to increasing buying interest and raises the likelihood of further price appreciation.

In terms of the upside, the Silver price finds a primary barrier around the upper boundary of the ascending channel at the $32.60 level. A break above this level could reinforce the bullish bias and support the XAG/USD pair to approach its November high at $33.13.

On the downside, the primary support appears at the nine-day EMA at $31.28, followed by the 14-day EMA at $31.17. The lower boundary of the ascending channel at $31.00 level could act as a major support.

A break below the descending channel could weaken the bullish bias and put downward pressure on the price of precious metal to test a “throwback support” at the psychological level of $30.00.

XAG/USD: Daily Chart