Silver Price Prediction: XAG/USD appears set to rise further, targeting the $31.00 level.

Silver Price Analysis: XAG/USD Poised for Further Gains Towards $31.00 and Beyond

Silver (XAG/USD) has garnered fresh buying interest near the $30.20 level during the Asian trading session on Tuesday, building on its rebound from the 100-period Exponential Moving Average (EMA) on the 4-hour chart. Despite easing slightly from its two-day high reached earlier, silver remains resilient, trading around the $30.55-$30.60 zone, up 0.25% on the day.

XAG/USD in a Strong Uptrend

Over the past four weeks, silver has rallied steadily from the $28.75-$28.70 region—its multi-month low in December—within a well-defined upward-sloping channel. This technical setup, combined with improving momentum indicators on the daily chart, strengthens the bullish outlook for XAG/USD. This trend positions the precious metal for a continued rise toward the $31.00 mark in the near term.

Key Resistance Levels to Watch

If XAG/USD clears the $31.00 hurdle, the next significant resistance is near the upper boundary of the ascending channel, around $31.25. A decisive breakout above this level could pave the way for a rally towards the $32.00 psychological mark. Traders should also watch for potential resistance near the $31.45-$31.50 zone before targeting December’s swing high, situated between $32.25 and $32.30.

Conclusion

Silver’s recent price action suggests strong bullish momentum, supported by technical indicators and the broader trend within the ascending channel. With the potential for further upside, XAG/USD could climb beyond $31.00, making higher targets like $32.00 and $32.25 achievable in the coming sessions.

Stay tuned for more updates on silver price movements and trading insights!