The post XAG/USD rises and reclaims $32.00 on haven demand appeared on BitcoinEthereumNews.com.

Silver’s (XAG/USD) ascends as traders gravitate towards safe-haven assets. Technical outlook positive; Silver targets next resistance at $32.64 with potential to breach $33.00. Downside risks remain if Silver falls below $32.00, with potential support at the 100-day SMA of $31.11. Silver prices advanced on safe-haven demand on Monday, rising 0.90% and reclaiming $32.00 per troy ounce at the time of writing. Precious metals continued to perform positively on Monday after US President Donald Trump applied 25% tariffs on all aluminum and steel imports. This prompted traders to seek the safety of haven assets like Silver, Gold, and the US Dollar. XAG/USD Price Forecast: Technical outlook The grey metal remains consolidated despite trading with a bullish bias on Monday. Momentum favors further upside as the Relative Strength Index (RSI) remains above its 50 neutral lines, opening the door for additional gains. If buyers clear the February 7 daily high of $32.64, it could pave the way for challenging the psychological $33.00 mark. The following key upside target would be the October 30 swing high at $34.51, followed by the October 23 peak at $34.86. Conversely, if XAG/USD reaches a daily close below $32.00, it could pave the way for a retracement, as the non-yielding metal would face back-to-back bearish candles. If XAG/USD drops below $31.50 look get a test of the 100-day Simple Moving Average (SMA) at $31.11, ahead of $30.00. XAG/USD Price Chart – Daily Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade…

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Filed under: News - @ February 10, 2025 11:19 pm