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Silver gained sharply as demand for safe-haven assets increased. It hit an intraday high of $39.06 and is currently trading around $39.065.
Driven by President Trump's effort to dismiss Fed Governor Lisa Cook triggered a crisis of Federal Reserve independence, therefore fueling worries about political influence on the central bank. This unrest, together with an 87% market projection of a quarter-point rate drop in September, a declining U.S. currency, and possible money supply growth, has spurred Demand for silver as a safe-haven asset spurred demand. Further driving institutional and private investor interest have been U.S. tariffs, geopolitical tensions, currency volatility, and fresh Chinese laws promoting investment in precious metals, among other elements. underscoring silver's function as a defensive barrier against government and financial concerns.
Trading Strategy and Key Levels for Silver
The commodity is trading above the short-term (34 and 55 EMA) and long-term moving average (200 EMA) in the 4-hour chart. The near-term support is around $38.35, and any violation below will drag the commodity to $38/$37.78/$37.30/$36.65/$36.17/$35.70/$35.47/$34.80. The immediate resistance is at $39.55; any breach above targets $40/$40.45/$41/$41.60
It is good to buy on dips around $38 with a stop-loss at $37 for a TP of $41/$41.60.
