Silver prices edged higher in Wednesday’s Asian session, climbing to $31.75 with a 0.35% gain on the day, as renewed investor demand pushed the white metal off its three-day losing streak. Concerns over U.S. President Donald Trump’s tariff policies have fueled demand for safe-haven assets, giving Silver a bullish edge.
From a technical perspective, Silver remains on an uptrend, holding firm above the 100-day Exponential Moving Average (EMA), a key indicator of market strength. However, further consolidation may occur, as the 14-day Relative Strength Index (RSI) hovers near the neutral 50.0 level, indicating a balanced momentum in the short term.
Looking ahead, the first key resistance stands at $33.00, marking a psychological barrier and aligning with the upper Bollinger Band. A decisive break above this level could push prices toward $33.40 (February 14 high), with the next major hurdle at $34.55 (October 29, 2024 high).
On the downside, initial support is seen at $31.25, followed by the crucial $31.00 mark, which coincides with the 100-day EMA. A drop below this level could open the door for further losses toward $29.70 (January 27 low).
With market uncertainty persisting, Silver’s safe-haven appeal remains strong, keeping the bullish momentum intact above $31.50 while traders watch for key technical levels in the days ahead.