Silver Price Forecast: XAG/USD climbs above $30.00, treks up along nine-day EMA

LONDON (January 9) Silver prices (XAG/USD) continue their upward trend, extending the winning streak that began on January 1. The grey metal trades around $30.20 per troy ounce during the European hours on Thursday. A closer look at the daily chart suggests a developing bullish bias, with the XAG/USD pair pushing higher along nine- and 14-day Exponential Moving Averages (EMAs), signaling robust short-term price momentum.

The 14-day Relative Strength Index (RSI) has also climbed above the 50 level, reinforcing the bullish sentiment. A further increase in Silver price could indicate growing bullish momentum. However, the alignment of the nine-day EMA with the 14-day EMA still suggests the absence of a strong directional trend in the short-term price movement.

Silver price may face potential resistance at the psychological level of $31.00. A decisive break above this level could bolster bullish momentum, paving the way for the metal to target the two-month high of $32.28, last reached on December 9.

On the downside, immediate support is likely at the psychological level of $30.00, followed by the nine-day EMA at $29.83. A break below this level could weaken short-term momentum, potentially pushing the XAG/USD pair toward the four-month low of $29.82, recorded on December 19.

FXStreet