Silver price gains momentum to near $33.85 in Wednesday’s Asian session.
The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at $34.23; the first support level to watch is $32.92.
The Silver price (XAG/USD) attracts some buyers to around $33.85 during the early European session on Wednesday. The concerns over US President Donald Trump's tariff plans widening the global trade war and triggering an economic slowdown boost the safe-haven flows, supporting the Silver price. Investors brace for US President Donald Trump’s announcement of reciprocal tariffs later on Wednesday.
Technically, the bullish trend of Silver remains in play as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 57.80, displaying bullish momentum in the near term.
The first upside target for white metal emerges at $34.23, the high of March 18. Extended gains could see a rally to the $34.60-$34.70 zone, representing the high of March 28 and the upper boundary of the Bollinger Band. The additional upside filter to watch is the $35.00 psychological level.
On the other hand, the first downside target for the silver price is seen at $32.92, the low of March 25. Sustained trading below the mentioned level could see a drop to the next contention level at $31.86, the 100-day EMA. Any follow-through selling could expose $30.82, the low of February 28.
Silver price (XAG/USD) Daily Chart
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