03 Jan 2025

• Silver price climbs to near $29.80 amid renewed geopolitical tensions.
• US Joe Biden discusses possible ways to strike on Iran’s nuclear facility.
• Investors expect the Fed to leave interest rates unchanged in the policy meeting this month.
• Silver prices (XAG/USD) continue to ascend, approaching $29.80 during the European trading session on Friday. The increase in the value of this precious metal is attributed to a heightened demand for safe-haven assets amid escalating geopolitical tensions. Reports from Axios indicate that President Joe Biden has engaged in discussions with his national security team regarding potential military actions against Iran's nuclear facilities, with only a few weeks remaining before President-elect Donald Trump assumes office.
  
  According to Axios, National Security Advisor Jake Sullivan has provided President Biden with various options for a possible US strike on Iran's nuclear installations. Historically, periods of increased geopolitical uncertainty have led to a surge in demand for safe-haven assets, including Silver.

• Silver technical analysis

  Silver price rebounds to near the 20-day Exponential Moving Average (EMA), which trades around $29.85. However, the outlook of the white metal remains bearish till it stays below the upward-sloping trendline, which is plotted from the February 29 low of $22.30 on a daily timeframe.

  The 14-day Relative Strength Index (RSI) rebounds above 40.00. A bearish momentum would come to an end if it sustains above that level.

  Looking down, the September low of $27.75 would act as key support for the Silver price. On the upside, the 50-day EMA around $30.90 would be the barrier.