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 support 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 supports 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.
