Silver prices (XAG/USD) have attracted some buying interest around $31.75, ending a three-day losing streak during the Asian trading session on Wednesday. The metal’s appeal as a safe-haven asset is bolstered by ongoing uncertainty surrounding US President Donald Trump’s tariff plans.
From a technical perspective, silver’s bullish trend remains intact, supported by its position above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, short-term consolidation is still possible, as the 14-day Relative Strength Index (RSI) hovers around the neutral 50.0 level, indicating a pause in momentum.
Bullish Outlook: $33 in Sight
The immediate upside target for silver lies at $33.00, a psychological resistance level and the upper boundary of the Bollinger Band. A strong move above this level could pave the way toward $33.40, the February 14 high. Further gains could see silver challenging $34.55, the high reached on October 29, 2024.
Downside Risks: Key Support Levels in Focus
On the downside, initial support is seen at $31.25, marking the lower limit of the Bollinger Band. A sustained drop below this level could push silver toward the key $31.00 mark, which aligns with both a round figure and the 100-day EMA. Further downside could expose the January 27 low at $29.70 as the next significant support level.
