Silver (XAG/USD) rises as traders tend to safe-haven assets.
Technical outlook is positive; Silver targets the next resistance level at $32.64 with the potential to break above $33.00.
Downside risks remain if Silver falls below $32.00 with potential www.xm-bx.com at the 100-day simple moving average at $31.11.
On Monday, Silver prices rose 0.90% on safe-haven demand and revisited $32.00 per ounce at the time of writing.
Precious metals continued to perform positively on Monday after U.S. President Donald Trump imposed a 25% tariff on all aluminum and steel imports. This prompted traders to seek safety in safe-haven assets such as silver, gold, and the U.S. dollar.
Despite a bullish bias in Monday’s trading, the grey metal remains in consolidation. Momentum www.xm-bx.coms further gains as the Relative Strength Index (RSI) remains above the neutral line of 50, opening the doors for additional gains.
If buyers break above the daily high of $32.64 on February 7, it could pave the way for a challenge at the psychological level of $33.00. The next key upside target would be the swing high of $34.51 on October 30, followed by the peak of $34.86 on October 23.
Conversely, a daily close below $32.00 for XAG/USD could pave the way for a pullback as the non-yielding metal faces consecutive bearish candles. If XAG/USD falls below $31.50, it may test the 100-day simple moving average (SMA) at $31.11, followed by $30.00.
