Silver Price Analysis: XAG/USD eyes the ceiling of rising channel at $24.20

XAG/USD is likely to tap the ceiling of the rising channel at $24.20.
Bulls are hopeful around $23.92 for further upside.
The RSI (14) above 60.00 is indicating that bulls may remain in the driving seat.

FXStreet Team FXStreet

Spot silver (XAG/USD) prices have remained in the upward trajectory after attracting significant bids from Tuesday’s low at $23.09. The XAG/USD pair is trading in a narrow range of $23.78-$23.92 on Friday.

On an hourly scale, the silver price is trading in a ‘Rising Channel’ in which every pullback towards the lower trendline placed from February’s low at $22.00 is considered as a buying opportunity while the upper trendline place from February 01 high at $23.04 as a barricade.

Silver price has witnessed a strong momentum after piercing the 50-Exponential Moving Average (EMA) around $23.47. The 200-EMA around $23.23 has acted as a support on Tuesday.

The Relative Strength Index (RSI) (14) is holding above 60.00 showing no signs of divergence and overbought, which is indicating the continuation of bullish momentum in the next trading sessions.

Silver price will advance once it will pierce Thursday’s high of $23.92 decisively to January 24 high at $24.20 followed by Tuesday’s high at $23.98.

XAG/USD hourly chart

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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