- Silver price gains ground to near $32.70 in Monday’s Asian session, up 0.45% on the day.
- The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator.
- The first upside barrier is seen at the $33.35-$33.40 region; the initial support level is located at $31.52.
Silver price (XAG/USD) drifts higher to around $32.70 during the Asian trading hours on Monday. The weakening of the US Dollar (USD) provides some support to the USD-denominated commodity price. Furthermore, the uncertainty and concerns over US President Donald Trump’s tariff plans might boost the safe-have flows, which contribute to Silver’s upside.
According to the daily chart, the bullish outlook of the white metal remains in place, with the price holding above the key 100-day Exponential Moving Average (EMA). The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 64.40, suggesting the path of least resistance is to the upside.
The upper boundary of the Bollinger Band and the high of February 14 of $33.35-$33.40 act as an upside barrier for Silver price. Sustained trading above this level could expose $34.55, the high of October 29, 2024. Any follow-through buying above the mentioned level could see a rally to $34.87, the high of October 22, 2024.
On the flip side, the initial support level for XAG/USD emerges at $31.52, the low of February 12. Extended losses could see a drop to $30.90, the 100-day EMA. The next contention level is seen at $30.70, the lower limit of the Bollinger Band.
Silver price (XAG/USD) daily chart
