Silver (XAG/USD) retraces part of its nearly 4.5% gain from the previous session, trading around $72.20 during European hours on Wednesday. The metal remains on track for an annual gain exceeding 150% in 2025, marking its strongest yearly performance.
Technical outlook: ascending channel supports bullish momentum
Daily chart analysis shows Silver trading within an ascending channel, signaling a continued bullish bias. The 14-day Relative Strength Index (RSI) at 63.53 confirms positive momentum after cooling from extreme levels.
Silver remains above the rising nine-day Exponential Moving Average (EMA) and well above the 50-day EMA. The short-term average sits firmly above the medium-term EMA, with a widening spread highlighting sustained trend strength.
Key levels to watch
Holding above the short-term EMA keeps the focus on the upside, with resistance at the channel’s upper boundary near $80. A break above the channel could see Silver approach its record high of $85.87, recorded on December 29.
On the downside, immediate support lies at the nine-day EMA of $71.54, followed by the lower channel boundary around $70. A daily close below the channel could trigger a deeper correction toward the 50-day EMA at $59.32.
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