FxNews—On Tuesday, the price of silver climbed to $34 per ounce, influenced by rising gold prices amid uncertainty surrounding the US presidential election and ongoing conflicts in the Middle East.
Israeli Strikes Claim 60 Lives in Lebanon’s Bekaa Valley
The situation escalated as Israeli attacks in Lebanon’s eastern Bekaa Valley resulted in at least 60 fatalities and numerous injuries. Concurrently, the US dollar and Treasury yields experienced a pause in their rally as the market awaits crucial economic data from the US this week, easing some pressure on commodity prices.
Additionally, the market is anticipating the upcoming National People’s Congress in Beijing, held from November 4-8, where new stimulus measures may be announced.
Silver Technical Analysis – 29-October-2024
Silver trades in a bull market. The bears tested the October 25 low at $33 as resistance but failed to drag the price below it. Consequently, the XAG/USD pair bounced, trading at approximately $34 and resuming the uptrend.
The immediate resistance is $34.35, backed by the Fair Value Gap area. If silver closes above the immediate resistance, the bulls’ path to revisit $34.8 will likely be paved. Furthermore, if the Silver price exceeds $34.8, the next bullish target could be the $40.0 mark.
XAG/USD Bearish Scenario
Please note that the bullish scenario should be invalidated if XAG/USD falls below the critical resistance of $33.0. In this scenario, the dip from $34.8 could spread to $33.0, backed by the 100-period simple moving average.
Silver Support and Resistance Levels – 29-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $33.0 / $32.4 / $31/1
- Resistance: $34.35 / $34.8 / $40
