Silver prices are surging today almost 5% in line with gold, which is posting almost 2.4% gain. Precious metals surge on weakening US dollar, increasing geopolitical tensions (Ukraine - Russia, Iraq and Taiwan) and fiscal pressure which is increasing US treasuries yields and debt-financing debt model. The US budget may be even harder to finance, due to Trump initiatives such as tax cuts and social programs. The demand for safe haven assets lifts silver higher today, fuelling the investors' appetite for multi-year highs on silver market. The major resistance zone is now $35, while the important long-term support is set at $32 zone (EMA200, the red line), and $29-30, supported by previous price action (local lows from December 2024 and April 2025).
Source: xStation5
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