Silver Price Forecast: XAG/USD explodes above $34 on US tariff turmoil

NEW YORK (March 27) Silver price rallies sharply on Thursday, clears the $34.00 mark as uncertainty about US trade policies, regarding 25% tariffs in all cars, increased appetite for the precious metal. As of writing, the XAG/USD trades at #34.38, up over 2.20%

XAG/USD Price Forecast: Technical outlook

On Wednesday I wrote “After registering a solid rally on Tuesday, Silver failed to break the $34.00 mark, which opened the door for sellers.” Finally, buyers stepped in and pushed Silver’s price higher, clearing the previous year-to-date (YTD) high of $34.23, opening the door to test last year’s high at $34.86. On further strength, the grey metal could reach $35.00, a level last seen in October 2012. Next key resistance levels lie at $37.49, the February 2012 peak, and the August 2011 swing high of $44.22.

Conversely, if XAG/USD slips beneath $34.00, immediate support emerges at the March 26 low of $33.51. Once hurdled, the next stop is $33.00.

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