Silver prices have surged above the $32.00 level, driven by growing uncertainty surrounding the US presidential elections and escalating tensions in the Middle East. Investors are seeking safe-haven assets like silver as the political and geopolitical landscape becomes more volatile.
While market expectations for a larger Federal Reserve rate cut have diminished, the US Dollar remains relatively strong. This has not deterred silver’s upward momentum.
Key Factors:
- Election Uncertainty: The close race between Kamala Harris and Donald Trump has increased market uncertainty.
- Middle East Tensions: Escalating tensions between Iran and Israel have further fueled risk aversion.
- Safe-Haven Demand: Silver’s demand as a safe-haven asset has increased.
Technical Analysis:
- Silver prices are approaching the decade-high of $33.00.
- The 20- and 50-day Exponential Moving Averages (EMAs) are sloping upwards, indicating a strong uptrend.
- The Relative Strength Index (RSI) is nearing 60.00, suggesting bullish momentum.
