Silver Price Forecast: XAG/USD rises to near $32.00, finds support at nine-day EMA

• Silver price could further rise as the daily chart analysis suggests a persistent bullish bias.
• The pair may retest its three-month high of $32.65, reached on February 7.
• The nine-day EMA of $31.71 acts as immediate support.

Silver price (XAG/USD) rebounds from recent declines, hovering near $32.00 per troy ounce during Monday's Asian session. A daily chart analysis indicates a sustained bullish trend, with the metal price advancing within an ascending channel.

The XAG/USD pair remains above the nine-day and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) stays above the 50 mark, further supporting the prevailing bullish sentiment.

Silver price could encounter initial resistance at its three-month high of $32.65, last tested on February 7, aligning with the upper boundary of the ascending channel. A decisive breakout above this level could strengthen the bullish trend, potentially driving the XAG/USD pair toward the psychological mark of $33.00.

On the downside, support is found at the nine-day EMA at $31.71, followed by the 14-day EMA at $31.44, and the ascending channel's lower boundary at $31.10. A breach below this key support zone could weaken the bullish outlook, exposing the XAG/USD pair to further downside toward its five-month low of $28.74, recorded on December 19.

XAG/USD: Daily Chart