Silver prices strengthened for the second straight day, posting a gain of over 0.48%. It is trading at $32.37 per troy ounce and is set to test the key resistance level at $32.64, a swing high on February 7.
Tariffs are the name of the game and the most important driver during the North American session. US President Donald Trump has ordered advisers to draft ‘reciprocal' tariffs on US trading partners.
From a technical perspective, Silver is trending higher but will face stiff resistance at $32.64. The Relative Strength Index (RSI) shows that buyers are gathering steam, and if they break through the aforementioned resistance level, the next high is $33.00.
A breach of the high would expose the October 31 peak at $33.89, followed by the October 29 high at $3454.
Conversely, if Silver falls below $32.00, the first major support is the 100-day Simple Moving Average (SMA) at $31.12.(Newsmaker23)
Source: FXstreet
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