XAG/USD reclaims $31.50, as tariff uncertainty lifts demand.
Silver rebounds after dipping below 50-day SMA, now targeting $32.00.
Trump confirms March 4 tariffs on Mexico, Canada, and China, fueling safe-haven demand.
A daily close above $31.50 could pave the way for a retest of $33.20.
Silver price recovers, climbs above the $31.50 mark on Monday as the Greenback depreciates sharply across the board. Tariffs on Mexico, Canada and China would begin on March 4, according to US President Donald Trump in a press conference held at the Oval Office. This and the drop in US Treasury bond yields keep XAG/USD trading at $31.67, gaining over 1.76%.
XAG/USD Price Forecast: Technical outlook
Silver price rebound after dipping below the 50-day Simple Moving Average (SMA) of $30.93, before reclaiming $31.00. On its way to the current spot price, XAG/USD climbed past the 100-day SMA at $31.21, exacerbating Silver’s advance past the $31.50 area.
If XAG/USD closes on a daily basis above the latter, it would be poised to challenge key resistance levels like the $32.00 mark, and the February 20 peak at $33.20.
Conversely, if XAG/USD drops below $31.50, the immediate support would be the 50-day SMA, followed by the 200-day SMA at $30.43.
XAG/USD Price Chart – Daily
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