Silver Price Forecast: XAG/USD moves below $36.50, targets nine-day EMA support

• Silver price may target an initial barrier at the ascending channel's upper boundary around $37.00.
• The bullish bias gains momentum as the 14-day Relative Strength Index holds above the 50 mark.
• The immediate support appears around the nine-day EMA at $36.22.

Silver price (XAG/USD) edges lower after registering nearly 1% in the previous day, trading around $36.40 per troy ounce during the early European hours on Thursday. The technical analysis of the daily chart shows the price of the precious metal remains within an ascending channel pattern, which suggests a persistent bullish bias.

The 14-day Relative Strength Index (RSI) remains above the 50 level, suggesting a prevailing bullish outlook. Additionally, the Silver price is positioned above the nine-day Exponential Moving Average (EMA), highlighting that the short-term momentum is strengthening.

The XAG/USD pair may target its immediate barrier at the upper boundary of the ascending channel around the psychological level of $37.00, followed by $37.32, the highest since February 2012. A breach above this crucial resistance zone could reinforce the bullish bias and open the door for the Silver price to explore the region around the substantial level of $38.00.

On the downside, the Silver price may test the immediate support at the nine-day EMA of $36.22. A break below this level could weaken the short-term price momentum and put downward pressure on the pair to navigate the area around the ascending channel's lower boundary at $35.00 level, followed by the 50-day EMA at $34.52. Further decline would weaken the medium-term price momentum and prompt the price of Silver to navigate the region around the two-month low at $31.65, which was recorded on May 15.

XAG/USD: Daily Chart