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Precious metals, especially gold and silver, continued their upward momentum yesterday after the US market opened, supported by ongoing geopolitical tensions between the US, Iran, and Israel. Due to these developments, market volatility remains extremely high, particularly in silver.
During the US session, Silver Spot (XAGUSD) climbed to around $76.619, while Silver May Futures touched $76.840 levels.
The recent rise in silver prices is mainly driven by geopolitical uncertainty in the Middle East, despite a temporary US-Iran ceasefire. Continued tensions, along with disruptions like the Strait of Hormuz situation, are keeping markets on edge. Additionally, a slightly weaker US dollar has further supported silver prices, pushing them near their recent highs.
Intraday and Short-Term Strategy
According to current market conditions, profit booking is likely at higher levels, and traders can look for sell on rise opportunities.
Trading Levels
- Sell Silver Spot (XAGUSD): $76.600 - $76.800
- Sell Silver May Futures: $76.800 - $77.000
- Stop Loss: Open (as per risk management)
Targets
TGT 1: $75
TGT 2: $74
TGT 3: $73
Conclusion
Traders are advised to capitalize on higher levels to initiate selling positions, as profit booking may push prices lower in the coming sessions. Stay cautious due to high volatility and follow proper risk management.
