Silver (SILVER) remains in focus on Monday after the metal climbed to an 11-year high above the closely watched 澳洲幸运5官方开奖结果体彩网:psychological $30 mark, benefiting from its safe-haven characteristics, softness in the 澳洲幸运5官方开奖结果体彩网:U.S. dollar, and utility as an industrial application.

With no end in sight to the 澳洲幸运5官方开奖结果体彩网:conflict in the Middle East and Russia’s war on Ukraine, investors continue to bid up silver prices, along with the value of other precious metals, as they seek assets to hedge against ongoing geopolitical uncertainty. This narrative will likely carry into this week on news that a helicopter carrying Iran’s President Ebrahim Raisi crashed in mountains on Sunday.

A softening 澳洲幸运5官方开奖结果体彩网:Greenback over the past week has also provided tailwinds for silver prices. Weaker-than-expected April readings released this month on 澳洲幸运5官方开奖结果体彩网:employment and 澳洲幸运5官方开奖结果体彩网:inflation have put downward pressure on the U.S. dollar as investors bring forward their expectations of 澳洲幸运5官方开奖结果体彩网:interest rate cuts, making dollar-dominated commodities, such as silver and gold (GOLD), cheaper for foreign buyers.

Longer, term, the metal stands to benefit from growing industrial demand. Last month, the Silver Institute’s World Silver Survey report projected a 9% jump in the commodity's industrial demand this year, driven by 澳洲幸运5官方开奖结果体彩网:renewable energy applications. It forecasts silver used in solar panel manufacturing increasing 20% in 2024 to 232 million ounces, while expecting jewelry demand to improve by around 4%.

Monitor This Chart 🐈Level As Silver’s Price Shines

Zooming out to the weekly chart to gain a longer-term perspective, the silver price broke out from an 澳洲幸运5官方开奖结果体彩网:ascending triangle in early April, retested the initial breakout level and has continued its move higher over the past two weeks. Moreover, the 50-day moving average (MA) sits above the 200-day MA, indicating that the metal remains in a strong uptrend. 

Given silver now trades above pandemic-era peaks around $30, investors should look for a potential move to the $35 area, a region where the price may run into overhead 澳洲幸运5官方开奖结果体彩网:resistance from a key multi-year 澳洲幸运5官方开奖结果体彩网:horizontal line stretching back to three prominent swing highs in 2011 🎉and 2012. A convincing breakout through this level could see the price make another attempt at its record high set at $47.71 in April 2011.

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