Silver’s breakout above $37.23 and $37.32 confirms bullish momentum, with the 13-year high at $37.62 marking a critical inflection point. While there is no precise upside target in the immediate term, the market is gravitating toward the psychological $40 level if momentum sustains.
Support is layered at $36.16, followed by $35.28, with the 50-day moving average at $34.90 offering major downside protection. As in gold, silver’s ability to hold above key moving averages will determine whether momentum traders add aggressively into rallies.
OPEC Uncertainty and Trump Tariffs Drive Safety Bids
U.S. President Trump’s fresh tariff salvo—35% on Canada, 50% on Brazil, and looming 15%-20% tariffs on other partners—has amplified safe-haven flows into silver, much like gold, as markets brace for supply chain disruptions and countermeasures from trading partners.
The Canadian dollar and Brazilian real fell this week, highlighting the broader concern pulling capital into precious metals. With OPEC’s production policy keeping energy markets tense, traders are watching for spillover inflationary pressures that could further support silver’s bid.