Silver reaches its highest level in three months

On the economic side:

Silver prices rose on Wednesday near the levels of 32.50 dollars per ounce per day, reaching its highest level in three months as the global trade and economic uncertainty fueled the demand for safe haven precious metals, silver also benefited from the sharp decline in the dollar, especially after the United States postponed its planned tariffs of 25% on Mexico and Canada for one month but continued to impose tariffs of 10% on China, Beijing responded with its own tariffs on selected US exports and targeted many US companies for possible sanctions.

On the silver supply side, the Silver Institute recently predicted that 2025 will be the fifth consecutive year of deficit in the silver market, driven by strong industrial demand and strong retail investment.

On the technical side:

Silver is now trying to break the resistance levels of USD 32.35 upwards, which if it breaks through and closes the highest candle a day, the upward momentum in the metal could continue towards the levels of USD 33.30 and then complete the harmonic patterns shown on the chart starting from USD 34.25 to USD 34.55 per ounce.

Then we can seriously think about selling silver with the goals of 32.50 dollars, stopping the breakout of 35 dollars per ounce.