FxNews—Silver prices remained stable at over $34.5 per ounce this Wednesday, reaching the highest level in 12 years. This increase is due to worldwide uncertainties and visible signs of limited silver availability.
The below XAG/USD 4-hour price chart demonstrates the price, support, and resistance levels.
US Election and Middle East Tensions Push Prices Up
Various factors, including concerns about the US election and ongoing disputes in the Middle East, influence the price rise. There’s also a widespread expectation that major central banks will introduce more supportive financial policies.
Additionally, the push for cleaner energy sources has boosted the demand for silver, which is essential for making solar panels, leading to worries about an insufficient supply.
In China, the leading consumer of metals, the government has launched several initiatives to boost economic activity. These include lowering important interest rates and injecting money into the financial markets.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
