Silver Price Forecast: XAG/USD targets nine-day EMA support below $72.00

LONDON (December 31) Silver price (XAG/USD) has pared its nearly a 4.5% gain registered in the previous session, trading around $72.20 during the European hours on Wednesday. However, Silver prices are on track for an annual gain of over 150% in 2025, marking the metal’s strongest yearly performance.

The technical analysis of the daily chart timeframe suggests the price of the precious metal remains within an ascending channel pattern, suggesting a persistent bullish bias. The 14-day Relative Strength Index (RSI) prints 63.53, reinforcing positive momentum after cooling from extreme readings.

Silver price holds above the rising nine-day Exponential Moving Average (EMA) and well above the 50-day EMA, preserving a bullish bias. The short-term average stands firmly above the medium-term gauge, and the spread has widened, underscoring trend strength.

Holding above the short-term average would keep the topside in focus and could open a path toward resistance at the upper boundary of the ascending channel around $80.00. A break above the channel would help the Silver price to approach the record high of $85.87, which was recorded on December 29.

On the downside, the Silver price could test the immediate support at the nine-day EMA of $71.54, followed by the lower ascending channel boundary around $70.00. A daily close below the channel would open a correction toward the 50-day EMA at $59.32.

FXStreet