- A cross above the $18.23-$18.30 demand zone triggered a fresh rally ahead.
- An upside break from the volatility contraction triggered bulls for hitting the $18.50 hurdle.
- The RSI (14) has entered the bullish range from 60.00 to 80.00.
The price of silver (XAG/USD) is hovering around the four-day high at $18.29 after a firmer bullish move in the Asian session. The precious metal is moving higher from the first tick of the intraday trading session and has extended its gains above the critical hurdle of $18.25. The asset is showing signs of an upcoming bullish opening session in which each pullback will generate a bargain buying opportunity for market participants.
The white metal is attempting to break above the placed demand zone in a narrow range of $18.23-18.30 on an hourly timescale. Additionally, the asset is showing a breakout of the volatility contraction phase, which will result in wider ticks and heavy volume.
A bullish cross, represented by the 20- and 50-period exponential moving averages (EMAs) at $18.00, indicates more upside ahead.
Additionally, the Relative Strength Index (RSI) (14) entered the bullish range from 60.00 to 80.00 which activated the bulls for bullish momentum.
Durability above the $18.23-$18.30 demand zone will send the asset to the August 29th low near $18.50, followed by the August 29th high at $18.83 .
On the other hand, the asset will experience a sharp drop to near Thursday’s low at $17.56 and the round level support of $17.00 after falling below Wednesday’s low at 17.90. $.
XAG/USD Hourly Chart