Silver trades with a positive bias above the $32.00 mark during the Asian session on Thursday and remains close to over a one-month high touched earlier this week. Moreover, the technical setup suggests that the path of least resistance for XAGUSD remains to the upside.
This week’s sustained move beyond the 200-period Simple Moving Average (SMA) on the 4-hour chart was seen as a key trigger for bullish traders.
Moreover, the recent move-up witnessed over the past two weeks or so has been along an upward-sloping channel the white metal. Apart from this, positive technical indicators on daily/hourly charts validate the near-term positive outlook for the XAUUSD and support prospects for additional gains.
Silver 4-hour chart by TradingView
(Source: OANDA)