XAG/USD: Silver Uptrend with Short-Term Consolidation
As of February 11, 2025, the XAG/USD (Silver Spot/US Dollar) exchange rate exhibits a positive medium-term trend despite a recent short-term slowdown. Currently, the price is around $32.83 per ounce at the time of writing. The first resistance level is identified at $32.24, followed by a second resistance at $32.96. The first support level is at $31.52, with an additional support at $31.21. In the short term, a weakening of the bullish trendline is observed, with the price testing the high at $32.24. Technically, a potential decline towards the $31.21 support level remains possible. Recent political decisions, such as the announcement of a 25% tariff on all steel and aluminum imports to the United States, have impacted financial markets, leading to an appreciation of the US dollar and a decline in stocks. These developments could affect the precious metals market, including silver. Despite the positive medium-term trend, silver is currently undergoing a consolidation phase in the short term.
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Good price reaction upon touching the FVG, as I expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.