Silver prices (XAG/USD) climbed to around $32.70 during Asian trading hours on Monday, supported by a weaker U.S. dollar and safe-haven demand amid uncertainty over President Donald Trump’s tariff policies.
Technical Outlook Remains Bullish
The white metal maintains its bullish trajectory, trading above the key 100-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) stands near 64.40, reinforcing positive momentum and suggesting that the path of least resistance remains to the upside.
Key Resistance and Support Levels
Silver faces immediate resistance at the upper boundary of the Bollinger Band and the February 14 high of $33.35–$33.40. A decisive break above this level could open the door to $34.55, the October 29, 2024 high, with further upside potential toward $34.87, the October 22, 2024 peak.
On the downside, initial support is seen at $31.52, the February 12 low, followed by $30.90 at the 100-day EMA. A deeper pullback could test $30.70, the lower limit of the Bollinger Band.
Market Drivers: Dollar Weakness and Trade Uncertainty
Silver’s gains are largely driven by a declining U.S. dollar, which makes the metal more attractive to investors. Additionally, market concerns over Trump’s tariff plans continue to fuel safe-haven flows into precious metals.
With geopolitical and trade risks in focus, silver’s bullish outlook remains intact, but traders will be watching for further developments in U.S. economic policy and global market conditions to determine the next move.
