Silver price edges higher to near $31.75 in Wednesday’s Asian session, adding 0.35% on the day.
The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at $33.00; the first downside target to watch is 31.25.
Silver price (XAG/USD) attracts some buyers to around $31.75, snapping the three-day losing streak during the Asian trading hours on Wednesday. The uncertainty and worries about US President Donald Trump's tariffs boost the Silver price, a safe-haven asset.
Technically, the bullish trend of Silver remains in place as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, further consolidation cannot be ruled out as the 14-day Relative Strength Index (RSI) hovers around the midline near 50.0, displaying a neutral momentum in the near term.
The first upside target for white metal emerges at $33.00, representing the psychological level and the upper boundary of the Bollinger Band. Any follow-through buying above this level could pave the way to $33.40, the high of February 14. Further north, the next hurdle to watch is 34.55, the high of October 29, 2024.
On the flip side, the initial support level for Silver price is seen at 31.25, the lower limit of the Bollinger Band. Sustained trading below the mentioned level could see a drop to the key contention level at $31.00, the round mark and the 100-day EMA. The additional downside filter to watch is $29.70, the low of January 27.
Silver price (XAG/USD) Daily Chart
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