Silver price may depreciate toward the psychological level of $32.00.
Immediate resistance appears around the nine- and 14-day EMAs at the $32.83 and $32.84 levels, respectively.
The nine-day EMA is aligned with the 14-day EMA; a downward crossover would indicate a weakening of short-term momentum.
Silver price (XAG/USD) depreciates to near $32.20 during the European session on Wednesday. The daily chart analysis indicates a potential shift in momentum from bullish to bearish, as the nine-day Exponential Moving Average (EMA) aligns with the 14-day EMA. A downward crossover here would signal weakening short-term momentum.
Additionally, the 14-day Relative Strength Index (RSI) is consolidating just below the 50 level, indicating an ongoing bearish bias. However, traders would like to see further movement to gain a clear trend direction for the XAG/USD pair.
Moreover, the Moving Average Convergence Divergence (MACD) line diverging below the signal line suggests a potential bearish pressure on the Silver price. Despite this, the overall trend remains bullish as the MACD line remains above the centerline (zero line).
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