Key Moments
- XAG/USD trades around $79.20, marking a second straight session of gains while staying between its nine-day and 50-day EMAs.
- A drop below the nine-day EMA at $78.95 could expose downside toward $64.08 and potentially $59.10.
- A daily close above the 50-day EMA at $79.26 may open the way toward the record high at $121.66.
Current Price Action and Momentum
Silver (XAG/USD) is extending its advance for a second consecutive session, with the spot price trading near $79.20 per troy ounce during European hours on Thursday.
On the daily chart, the 14-day Relative Strength Index stands at 47 in a neutral zone and is gradually moving higher, signaling that price momentum is stabilizing rather than accelerating in either direction.
Interaction with Key Moving Averages
The metal is currently fluctuating just below its 50-day Exponential Moving Average while remaining above the nine-day EMA, leaving price action confined between these two near-term technical reference points. The shorter-term EMA is beginning to slope upward as the 50-day line flattens, suggesting the market may be attempting to establish a base.
As long as Silver trades between these moving averages and neither boundary is decisively broken, XAG/USD is likely to stay rangebound around these levels.
| Technical Level | Description | Value |
|---|---|---|
| Current price (European hours, Thursday) | Spot Silver (XAG/USD) | $79.20 |
| Nine-day EMA | Initial near-term support | $78.95 – $78.96 |
| 50-day EMA | Immediate resistance / medium-term guide | $79.26 |
| 14-day RSI | Momentum indicator (neutral) | 47 |
| Support – nine-week low | Level recorded on February 6 | $64.08 |
| Lower wedge boundary | Additional downside reference | $59.10 |
| Record high | Peak reached on January 29 | $121.66 |
Downside Levels to Watch
A move back below the nine-day EMA at $78.95 would be an early warning that selling pressure is returning. In that scenario, Silver could be vulnerable to a deeper pullback toward support at the nine-week low of $64.08, which was recorded on February 6.
If that level fails to hold, focus would likely shift to the lower boundary of a descending wedge pattern, located around $59.10, as the next important downside area.
Upside Scenario and Record High Target
On the topside, the immediate hurdle for bulls is the 50-day EMA at $79.26. A daily close above this medium-term moving average would strengthen bullish momentum and could bolster the case for further gains in XAG/USD.
Such a breakout may encourage buyers to target the region around the all-time high of $121.66, which was reached on January 29.
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