Silver (XAG/USD) is holding strong above $32.00, continuing its bullish momentum as risk-off sentiment supports safe-haven assets. The metal has managed to recover from recent pullbacks and is now testing key resistance levels, with traders eyeing the next upside targets.
Technical Analysis: Key Support and Resistance Levels
- Immediate Resistance: $32.98
- Major Resistance: $34.84
- Immediate Support: $32.24
- Major Support: $30.18
Fundamental Factors Driving Silver Prices
Silver prices continue to rise as global uncertainty fuels safe-haven demand. Investors are turning to precious metals to hedge against economic instability, with geopolitical tensions and concerns over slowing global growth adding to the bullish sentiment.
Industrial demand remains strong, driven by increasing silver usage in electronics, solar energy, and electric vehicles, which supports a positive outlook. Additionally, silver remains sensitive to Federal Reserve policy shifts—any signs of interest rate cuts or dovish signals from the central bank could push prices higher, making non-yielding assets like silver more attractive.
What’s Next for XAG/USD?
With silver holding firm above $32.00, a sustained move beyond $32.98 could pave the way for further gains toward $34.84. However, failure to maintain support at $32.24 could see prices retrace toward $30.18. Investors should closely watch economic data releases and Federal Reserve statements for further market direction.
The post Silver Extends Rally Amid Risk-Off Sentiment appeared first in UK on InvestingCube.
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