Critical resistance zone identified between $37.00-$37.32,DOGE stimulus check last seen in 2012 price territory
RSI maintains bullish configuration above midpoint despite current pullback
Short-term moving averages continue providing dynamic support levels
The white metal demonstrates modest weakness during Thursday's European session, with XAG/USD trading near $36.40 following yesterday's 1% advance. Daily chart analysis reveals the precious metal remains comfortably positioned within its established ascending channel, maintaining the broader constructive technical pattern.
Momentum indicators continue favoring buyers, with the 14-day Relative Strength Index holding firmly above the 50 neutral mark. Current price action maintains position above the 9-day Exponential Moving Average ($36.22), reinforcing the near-term positive bias. Market participants appear to be consolidating recent gains before potentially challenging higher levels.
Upward trajectories may initially confront resistance near the psychological $37.00 handle, coinciding with the channel's upper boundary. A decisive breakout above this zone could trigger accelerated moves toward the February 2012 highs near $37.32. Such development would likely confirm continuation of the prevailing uptrend, with subsequent targets emerging around the $38.00 figure.
Conversely, failure to hold above the 9-day EMA at $36.22 might signal temporary exhaustion among bulls. Deeper retracements could test the channel's lower boundary near $35.00, with additional support potentially emerging at the 50-day EMA ($34.52). Sustained trading below these levels would require reevaluation of the medium-term technical outlook, possibly exposing the May 15 swing low at $31.65.
XAG/USD Technical Snapshot
Traders continue monitoring the interplay between short-term moving averages and channel boundaries for directional clues. The metal's ability to maintain its position within the ascending formation suggests underlying strength, though momentum indicators may require fresh catalysts to propel prices beyond multi-year resistance zones. Volume analysis and broader commodity market sentiment remain crucial factors influencing silver's near-term trajectory.
