Silver prices soared on Thursday, surging past the $34.00 threshold as growing concerns over US trade policies, including the potential for 25% tariffs on all cars, spurred greater demand for the precious metal. As of the latest update, XAG/USD is trading at $34.38, reflecting an impressive gain of over 2.20%.
XAG/USD Technical Analysis: Bullish Momentum Continues
In a previous update, we noted that after a strong rally on Tuesday, Silver struggled to break through the $34.00 mark, allowing sellers to briefly take control. However, buyers regained momentum, pushing Silver’s price above the year-to-date high of $34.23, signaling a potential test of last year’s high of $34.86. Should bullish momentum persist, Silver could target $35.00—a level not seen since October 2012. Further resistance lies at $37.49, the peak from February 2012, followed by $44.22, the August 2011 high.
On the downside, if XAG/USD falls below $34.00, immediate support is at the March 26 low of $33.51. Should this level be breached, the next support zone stands at $33.00.
