Silver Price Forecast: XAG/USD moves below $31.50 despite a persistent bullish bias

• Silver price could regain its ground as the daily chart analysis suggests a persistent bullish bias.
• The pair may appreciate toward its primary resistance around its two-month high of $32.28.
• The immediate support appears at a nine-day EMA of $30.82, followed by the ascending channel's lower boundary.

Silver price (XAG/USD) halts its three-day winning streak, trading around $31.30 per troy ounce during Asian hours on Friday. A daily chart analysis suggests a persistent bullish bias for the precious metal, as its price continues to rise within an ascending channel pattern.

The XAG/USD pair trades above both the nine-day and 14-day Exponential Moving Averages (EMAs), suggesting that short-term momentum is strong. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 level, reinforcing the active bullish sentiment.

On the upside, the Silver price could find its initial resistance around its two-month high of $32.28, last achieved on December 9. A break above this level would support the XAG/USD pair to test the upper boundary of the ascending channel at $32.60.

Immediate support is located at a nine-day EMA of $30.82, followed closely by a 14-day EMA of $30.66 which is aligned with the ascending channel's lower boundary. A break below this crucial support zone would cause the emergence of the bearish bias and put pressure on the XAG/USD pair to navigate the region around its four-month low of $28.74, recorded on December 19.

XAG/USD: Daily Chart