Silver remains above $32 with positive momentum, eyeing $34 if resistance at $33.40 breaks.
Silver Price Analysis: XAG/USD Maintains Bullish Momentum Above $32.50
XAG to USD Remains Strong Above $32 with Positive Momentum
On Monday’s trading session in Asia near $32.70, silver prices showed an increase of 0.45%. Silver has been climbing due to the U.S. dollar making it an appealing choice for investors. The ongoing trade policy uncertainty in the U.S. is also fueling the demand for safe-haven assets like silver.
Based on the indicators analysis, it seems like silver’s holding up well above the 100-day Exponential Moving Average (EMA). The Relative Strength Index (RSI) also suggests a trend in momentum. There appears to be a hurdle around the $33.35 to $33.40 range – this coincides with the high on February 14 and the upper Bollinger Band levels. If silver manages to break past this hurdle, it could potentially push toward $34 even reaching $34.87.
If the price of silver declines, support may be found at $31.52. Should it decrease further, it might fall to $30.90 at the 100-day EMA or $30.70 at the lower Bollinger Band.
Silver prices are impacted by elements such as unpredictability and the demand from industries along with the fluctuations in the U.S. dollar value just like gold does serving as a safeguard against inflation and economic turmoil.
Traders need to stay updated on developments and shifts in policies that could impact investor confidence and influence the demand for safe-haven assets.
