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Silver holds above $35 for the first time since 2012. It hit an intraday high of $35.80 and is currently trading around $35.60.
The recent increase in silver prices can be attributed to various factors. The demand for safe havens is fueled by increasing geopolitical tensions, while silver's significant role in green technologies and industrial applications underpins strong structural demand. It is anticipated that this demand will continue to be strong until 2025.
Also, ongoing supply shortages in the global silver market, compounded by forecasts of demand exceeding supply in 2025, are facilitating higher prices. Price appreciation is also being fueled by the upswing in gold prices and forecasts of lower interest rates, which will lessen the opportunity cost of owning silver.
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 $35.35 and any violation below will drag the commodity to $34.80/$34.40/$33.80. The immediate resistance is at $36, any breach above targets $36.35/$37/$37.48/$38.
It is good to buy on dips around $35 with a stop-loss at $33.80 for a TP of $37.45.
