Silver (XAG) Daily Forecast: Rises to $30.38; Will Tensions Sustain Gains?

Investors will watch closely for the US Initial Jobless Claims, Building Permits, Housing Starts, the Philly Fed Manufacturing Index, and Fed official Neel Kashkari’s speech on Thursday. The preliminary US S&P Global PMI reports for June will be released on Friday.

Geopolitical Tensions Impact Silver Prices

Tensions between Israel and Gaza have escalated significantly. Israeli attacks near the Karem Abu Salem aid crossing in Rafah resulted in nine deaths and 30 injuries among civilians awaiting aid.

Hezbollah leader Nasrallah has warned of widespread attacks across Israel if a full-scale war occurs, following Israel’s approval of plans for a potential offensive in Lebanon. In Gaza, Israeli military actions have claimed 24 lives and injured 71, according to the Health Ministry.

Additionally, a UN commission has accused Israeli authorities of committing war crimes amid the conflict, which has resulted in over 37,000 deaths and 85,000 injuries since October 7.

These heightened tensions and the humanitarian crisis in Gaza have driven investors towards safe-haven assets like silver, influencing its price amidst geopolitical uncertainty.

Geopolitical Tensions Impact Silver Prices

Tensions between Israel and Gaza have escalated significantly. Israeli attacks near the Karem Abu Salem aid crossing in Rafah resulted in nine deaths and 30 injuries among civilians awaiting aid.

Hezbollah leader Nasrallah has warned of widespread attacks across Israel if a full-scale war occurs, following Israel’s approval of plans for a potential offensive in Lebanon.

In Gaza, Israeli military actions have claimed 24 lives and injured 71, according to the Health Ministry. Additionally, a UN commission has accused Israeli authorities of committing war crimes amid the conflict, which has resulted in over 37,000 deaths and 85,000 injuries since October 7.

These heightened tensions and the humanitarian crisis in Gaza have driven investors towards safe-haven assets like silver, influencing its price amidst geopolitical uncertainty.

Short-term Forecast

Silver (XAG/USD) is expected to remain bullish above $30.12, with resistance at $30.88. A break below $30.12 could trigger a sharp selling trend, while geopolitical tensions continue to support silver prices.

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver (XAG/USD) is currently trading at $30.38, up 2.08% on the day. The 4-hour chart shows key levels, with a pivot point at $30.60. Immediate resistance is at $30.88, followed by $31.21 and $31.54. On the downside, immediate support is at $30.12, with further support at $29.75 and $29.37.

Technical indicators highlight a 50-day Exponential Moving Average (EMA) at $29.55 and a 200-day EMA at $29.74. The presence of bullish engulfing candles and a breakout of the upward channel suggest a strong buying trend.

Overall, the outlook is bullish above $30.12, but a break below this level could trigger a sharp selling trend.