Silver Price Analysis: XAG/USD flirts with rising channel as US election polls probe risks

• Silver bounces off 200-HMA, stays inside the weekly ascending channel.
• Early election polls from the US indicate a tough fight between Trump and Biden.

Silver bounces back above the immediate bullish channel while picking up the bids near $24.17, up 0.16% intraday, during early Wednesday.

The white metal recently dropped below the channel’s support line as the US dollar regains strength amid increasing challenges to the blue wave hopes, a condition where the Democratic Party gains control in both the American houses. As the greenback gains bid in risk-off markets, its negative correlation with commodities weigh on silver.

Follow live updates here:

Technically, not only the 200-HMA and lower line of the stated channel, around $24.00, but the previous resistance line stretched from October 21, at $23.80 now, also challenges the silver bears.

Meanwhile, $24.50 can offer immediate resistance to the bullion ahead of probing the channel’s upper line near $24.62.

Silver hourly chart

Trend: Further upside expected