Silver price slumped sharply on Wednesday after US President Donald Trump wins the 2024 presidential election.
Silver breaks below key support levels, including 50-day SMA at $31.27. Daily close below $31.00 may lead to further decline toward 100-day SMA at $30.23. Resistance levels to watch: July 11 high at $31.75 and May 20 peak at $32.51. Additionally, the Republican party sweep seems likely as they hold the majority in the Senate, while the House of Representatives is still early to be called. The XAGU/USD trades at $31.16, down over 4.50%.
Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars . A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up.
XAGUSD Technical Analysis Silver
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