As shown on the XAG/USD chart, silver prices rose on Monday, surpassing the previous high of the year, which was set on 28th March at around $33.50 per ounce.

Why Is Silver Rising?

A bullish driver came from statements made by the White House. According to media reports:

→ US President Donald Trump announced on Friday evening plans to double tariffs on steel and aluminium imports to 50%, starting 4th June. This intervention in the global metals market may have also impacted silver prices, given silver’s significant industrial value.

→ Trump's claims that China violated the trade agreement reached in Geneva last month further cast doubt on the prospects of a phone call between Trump and Chinese President Xi Jinping.

Technical Analysis of the XAG/USD Chart

Today’s bearish candlestick (marked with a red arrow) indicates that sellers are becoming active, willing to open short positions near the 2025 high. From a technical analysis perspective, there are signs of:

→ a bearish engulfing candlestick pattern forming;
→ a false breakout above the March high (trapping bullish traders).

However, the bulls may attempt to keep the price in the upper half of the emerging ascending channel (shown in blue), relying on support from the former resistance level at $33.67.

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