Silver Price Forecast: XAG/USD hovers around $33.00 after breaking below nine-day EMA

• Silver price could find the immediate support at the 50-day EMA of $32.71.
• A bullish bias could revive as the 14-day RSI remains slightly above the 50 level.
• The initial resistance appears at the nine-day EMA of $33.10.

Silver price (XAG/USD) offers its recent gains registered in the previous session, trading around $33.00 per troy ounce during the Asian hours on Friday. A neutral bias is prevailing as the technical analysis of the daily chart shows the price of the precious metal consolidating within a rectangular pattern.

Additionally, the Silver price is hovering around the nine-day Exponential Moving Average (EMA), further highlighting that the short-term momentum is impartial. However, the 14-day Relative Strength Index (RSI) remains positioned slightly above the 50 level, indicating a potential for a bullish bias to emerge.

Silver price may target the immediate support at the 50-day EMA of $32.71. A break below this level could weaken the medium-term price momentum and lead the price of the precious metal to approach the lower boundary of the rectangle at $31.90, followed by the six-week low at $31.65, which was recorded on May 15.

On the upside, the XAG/USD pair tests the immediate barrier at the nine-day EMA of $33.10. A break above this level could improve the short-term price momentum and support the price of the grey metal to explore the region around the rectangle's upper boundary at $33.60, aligned with the $33.69, the seven-week high reached on April 24. A break above this crucial resistance zone could cause the emergence of the bullish bias and lead the Silver price to approach the seven-month high of $34.59, last seen on March 28.

XAG/USD: Daily Chart