Silver (XAG) Daily Forecast: Can U.S. Election and China Stimulus Push Silver Above $34?

Market Overview

Silver prices (XAG/USD) continue to hover around $33.68, facing bearish pressure as investors weigh safe-haven options in response to rising global uncertainties.

With the U.S. presidential election around the corner and escalating tensions in the Middle East, demand for precious metals like silver is on the rise, as investors seek stability amid market volatility.

Impact of U.S. Election on Silver Demand

The close race between former President Donald Trump and Democratic candidate Kamala Harris is intensifying market caution. A recent Reuters/Ipsos poll shows Trump trailing Harris by just 2%, with support levels at 44% and 46%, respectively.

Shifts in voter sentiment, particularly with Trump gaining among Hispanic men and Harris showing stronger appeal among white women, underscore the race’s unpredictability.

This uncertainty could boost demand for silver as a hedge, with investors turning to safe-haven assets to manage potential market swings.

Geopolitical Tensions and Economic Stimulus Boost Safe-Haven Appeal

Geopolitical developments in the Middle East are also weighing on investor sentiment. Israel’s military chief recently warned of a firm response if missile attacks from Iran persist.

However, Lebanese Prime Minister Najib Mikati offered a glimmer of hope, hinting at the possibility of a ceasefire before the U.S. election, following talks with U.S. envoy Amos Hochstein.

Meanwhile, attention is also on China’s upcoming parliamentary session from November 4-8. Reports suggest that China may announce a substantial stimulus package, potentially exceeding 10 trillion Yuan, aimed at stabilizing its economy.

Such economic measures could bolster global precious metal markets, with investors likely to gravitate toward silver and gold amid economic uncertainties.

Short-Term Forecast

Silver prices may see near-term support at $33.60 amid election and geopolitical risks. A break above $33.91 could drive gains, while below $33.34, losses may deepen.

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver (XAG/USD) is currently trading around $33.68, dipping by 0.27% as it navigates critical support and resistance levels. Holding just below the pivot point at $33.63, silver faces immediate resistance at $33.91, with further upward targets at $34.16 and $34.37.

Should silver maintain support above $33.60, we may see a bullish push toward these levels, though the 50-day EMA, positioned nearby at $33.92, may challenge any upward momentum.

On the downside, a break below the $33.34 support level could lead to further declines, potentially targeting $33.09 and $32.89. With the 200-day EMA sitting at $33.58, silver’s near-term outlook remains balanced yet poised for potential shifts.