19 Feb 2025

Silver prices have decreased to $32.75 during the Asian trading session on Wednesday. The positive outlook for silver remains intact as it trades above the 100-day Exponential Moving Average (EMA), supported by a bullish Relative Strength Index (RSI). The initial resistance is identified in the $33.30-$33.40 range, while the first support level is at $31.79.

During the Asian hours on Wednesday, the price of silver (XAG/USD) has attracted some selling interest around $32.75. However, the potential decline for the metal may be constrained due to ongoing policy uncertainties, including concerns regarding tariffs under the administration of US President Donald Trump. Later in the day, attention will turn to the FOMC Minutes.

Analysis of the daily chart indicates that silver maintains a bullish sentiment, as it remains well-supported above the significant 100-day EMA. Additionally, the upward trend is reinforced by the 14-day RSI, which is positioned above the midpoint at approximately 66.30, indicating that the prevailing trend is upward.

The immediate resistance for silver is found in the $33.30-$33.40 area, which aligns with the upper boundary of the Bollinger Band and the peak from February 14. Should buying momentum continue beyond this threshold, it could lead to a target of $34.55, the high recorded on October 29, 2024. The next significant resistance level to monitor is $34.87, the high from October 22, 2024.

Conversely, the first downside target for silver is at $31.79, corresponding to the low from February 7. A critical support zone is identified between $31.00 and $30.90, which includes the psychological round number and the 100-day EMA. A sustained decline below this level could open the door to further losses, potentially reaching $29.70, the low from January 27.