Bulls believe that $23.92 will bring them further upside.
Bulls could remain in the driving seat if the RSI (14) is above 60.00.
After attracting substantial bids at Tuesday’s $23.09 low, spot silver (XAG/USD), prices for spot have continued to rise. On Friday, the XAG/USD currency pair trades in a narrow range between $23.78 and $23.92.
The silver price trades in a “Rising Channel” on an hourly basis. Every pullback towards the lower trendline at $22.00 from February’s low is considered a buying opportunity, while the upper trendline at $23.04 from February 01 is considered a barricade.
After piercing around $23.47 of the 50-Exponential Moving Average, silver price has seen a strong momentum. On Tuesday, the 200-EMA at $23.23 was a support.
Relative Strength Index (14) is above 60.00, showing no signs that it is overbought or diverging. This is a sign of continued bullish momentum for the next trading session.
Once silver price pierces Thursday’s $23.92 high, it will move decisively to January 24, high at $24.20 and Tuesday’s high high at $23.98.
