Silver Price News: Silver Breaks Four-Day Fall

Silver prices found a firmer footing on Tuesday, ending a four-day losing run, as gold prices moved back above $3,020 an ounce.

Silver prices rose as high as $33.69 an ounce on Tuesday, up from around $33.00 an ounce in late trades on Monday.

Tensions maintain interest in safe havens

Geopolitical tensions continued to provide a supportive element for precious metals. In Gaza, military strikes by Israel against Hamas in recent days have thrown hopes of peace into disarray, while by contrast, Russia and Ukraine signed a tentative maritime ceasefire deal on Tuesday, with both sides vowing to stop missile strikes against commercial shipping in the Black Sea.

Technical analysis

Silver’s strength on Tuesday came as prices rebounded off rising oblique major support at $33.06 an ounce, as well as descending oblique minor support at $33.03 an ounce. These levels could be important to watch in the coming days to gauge silver’s direction in the short-term. Any downside break from here would bring attention to oblique major support at $31.48 an ounce, which is linked to the rising trend in evidence since mid-December 2024.

Upcoming data

Looking ahead, Wednesday’s US durable goods orders for February may provide a signal for industrial demand for silver in the US, while traders will also be watching out for Thursday’s US Q4 GDP figures and the weekly initial jobless claims for an update on America’s labour market. Then, Friday will bring the US PCE price index for February, providing a key indicator for inflation and helping to chart the path forward for interest rate changes by the US Fed.