- XAG/USD is likely to top the ascending channel at $24.20.
- The bulls are hoping for more upside near $23.92.
- The RSI (14) above 60.00 indicates that the bulls may remain in control.
Spot Silver (XAG/USD) prices remained on the uptrend after attracting sizeable bids from Tuesday’s low of $23.09. The XAG/USD pair is trading in a tight range of $23.78 to $23.92 on Friday.
On an hourly basis, silver prices are trading in a “rising channel” where any pullback towards the lower trendline from the February low of $22.00 is viewed as a buying opportunity, while the upper trendline from the February 1st high of $23.04 is viewed as a buying opportunity barricade applies .
Silver prices have seen strong momentum after breaking the 50-exponential moving average (EMA) around $23.47. The 200-EMA around $23.23 acted as support on Tuesday.
The Relative Strength Index (RSI) (14) is holding above 60.00 showing no signs of divergence and is overbought, suggesting the continuation of the bullish momentum in the next few trading sessions.
Silver prices will rise once it decisively breaks Thursday’s high of $23.92 to the Jan 24th high of $24.20, followed by Tuesday’s high of $23.98.
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