Silver XAG/USD holds above $88.00 due to positive bias

LONDON (February 24) Silver price (XAG/USD) loses ground after four days of gains, trading around $88.20 per troy ounce during the early European hours on Tuesday. The technical analysis of the daily chart timeframe shows that the 14-day Relative Strength Index (RSI) at 54 (neutral) remains above the midline, confirming modest positive momentum.

Silver price holds above the nine-day Exponential Moving Average (EMA) and the 50-day EMA, keeping the short-term trend supported. While price stays over the rising 50-day EMA, pullbacks could be cushioned by the nine-day EMA within the ongoing recovery.

Both averages slope higher, and the nine-day EMA stands above the 50-day EMA, reinforcing upside pressure, which could support the XAG/USD pair to explore the region around the record high of $121.66, reached on January 29.

On the downside, initial support is seen at the nine-day EMA at $83.03, followed by the 50-day EMA at $80.15. A break below these averages would weaken the structure and expose the support at the two-month low of $64.08, recorded on February 6.

FXStreet