24K99 News On Tuesday (September 24th), driven by the weakening of the usd, spot silver surged more than 4% and broke through the $32.00 per ounce level. FXStreet analyst Christian Borjon Valencia's latest article analyzes the technical trend of silver prices.

Valencia pointed out that silver prices soared to a four-month high above $32.00 per ounce.technical aspectsCall, becauseRelative Strength Index(RSIShows that silver has the potential to continue rising.

Spot silver closed sharply up 4.58% on Tuesday, at $32.08 per ounce, touching a high of $32.26 per ounce during the session.

Valencia wrote that during Tuesday's North American trading session, the silver price skyrocketed to a four-month high of $32.26 per ounce, up more than 4%, driven by the decline in U.S. bond yields and the weakness of the dollar.

On Tuesday, the Conference Board reported that with growing concerns about employment and business conditions, American consumers' views on the economy deteriorated sharply in September, with the consumer confidence index in that month experiencing the largest drop in over three years.

The Conference Board report stated that the US consumer confidence index plummeted from 105.6 in August to 98.7 in September, marking the largest single-month decline since August 2021. Respondents surveyed by Dow Jones had generally predicted the index to be 104.

Poor U.S. economic data weighed on the dollar, thereby stimulating a sharp rise in silver prices. The ICE US Dollar Index ended sharply down nearly 0.6% on Tuesday, at 100.35.

What’s next for silver prices?

Valencia pointed out that silver is biased upwards and will continue to rise, challenging the year-to-date high of $32.51 per ounce. The Relative Strength Index (RSI) is targeting higher levels, indicating bullish intervention.

Valencia stated that if the silver price remains above $32.00 per ounce and breaks the high of $32.26 on September 24, this could pave the way for silver to rise to the year-to-date high of $32.51 per ounce. Once that level is breached, the next target will be $33.00 per ounce, followed by the high of $35.40 per ounce on October 1, 2012.

(Daily chart of spot silver, source: FXStreet)

On the other hand, l added that if the price of silver falls below $32.00 per ounce, the nextResistancewill be the high of $31.44 per ounce on September 20, and then it is expected to test $31.00 per ounce.

At 08:56 Beijing time, spot silver is trading at $32.12 per ounce.