Silver continues its upward trend, having recorded $33.81 today and currently trading near $33.60. The biggest challenge lies in reaching the $34.24 level, the highest recorded on March 18, 2025, and then targeting $34.87, the highest level recorded last year on October 22, 2024, and breaking through it.
Notably, silver prices have risen by approximately 17% since the beginning of the year, outperforming gold, which has increased by around 15% during the same period. Forecasts suggest that both metals will continue their upward trend.
Factors Supporting Silver’s Rise:
Several factors are currently driving silver prices higher, including:
• The rise in gold prices, which reached a record high of $3,057 on March 20, 2025.
• The Federal Reserve’s dot plot projections indicating two interest rate cuts this year, which support silver as a non-yielding asset.
• Industrial demand for silver, as it is widely used in various industries such as pharmaceuticals, medical supplies, and electronics.
Technical Analysis of Silver Prices:
The prevailing trend for silver prices appears to be bullish in the coming period, based on the following technical indicators:
• The alignment of the 20-day, 50-day, and 200-day moving averages in an upward direction, with the 20-day moving average surpassing the 50-day, and the 50-day exceeding the 200-day.
• The Relative Strength Index (RSI) indicates positive momentum, currently at 59 points.
• A convergence between the MACD (blue line) and the signal line (orange line), where any bullish crossover between them would further reinforce silver’s upward trend.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.
