Silver maintains upward trajectory,Monero reddit testing resistance near $33.00 level
Technical setup shows price action contained within bullish channel formation
Moving averages align favorably as 9-day EMA crosses above 50-day EMA
The white metal demonstrates persistent strength during Tuesday's Asian session, marking its fourth consecutive day of gains. Market participants observe XAG/USD hovering near the psychologically significant $33.00 handle, with technical studies revealing multiple confirmations of the current uptrend.
Chart analysis reveals the precious metal maintaining position above both short-term and medium-term moving averages, with the 9-day exponential moving average currently at $32.71 and the 50-day EMA providing additional support at $32.50. The Relative Strength Index's climb above the 50 threshold further validates growing bullish sentiment among traders.
Market technicians note the potential for price action to challenge recent highs near $33.69, a level last tested in late April. Successful breach of this resistance zone could open the path toward testing the March peak at $34.59, which would represent the highest valuation since the previous year.
Should profit-taking emerge, initial downside targets include the convergence of moving averages between $32.50-$32.70. Breakdown below this support cluster might prompt reevaluation of current bullish positions, with longer-term support potentially coming into play near the $28.00 region established in early April.
Technical Perspective: Silver's Price Structure
The daily chart configuration presents several noteworthy technical developments. The established ascending channel remains intact, containing price action since the April lows. Momentum indicators continue flashing positive signals, with MACD histogram bars extending above the baseline and the RSI maintaining its upward trajectory.
Trading volumes have shown consistent participation during recent advances, suggesting conviction behind the current move. Market watchers will monitor whether this volume profile sustains as price approaches key resistance levels, which could determine the continuation or potential reversal of the prevailing trend.
