Silver Price Forecast: XAG/USD breaks above $32 as few catalysts improve its safe-haven demand

• Silver price jumps above $32.00 on multiple tailwinds.
• Israel vowed to escalate attacks on Gaza after Sinwar's killing.
• Investors expect the Fed to go slow with interest rate cuts.

Silver price (XAG/USD) climbs above the key resistance of $32.00 in Friday's North American session. The white metal strengthens as a few catalysts have improved its demand as a safe-haven. Growing uncertainty over US presidential elections and escalating tensions in the Middle East region have forced investors to remain risk-averse.

There is a neck-to-neck competition between Democratic Kamala Harris and former US President Donald Trump in national polls. According to FiveThirtyEight's daily election poll tracker, Kamala Harris is leading polls and has a 2.4-percentage-point lead over Republican Trump.

Meanwhile, tensions between Iran and Israel have grown further as Israeli Prime Minister Benjamin Netanyahu vowed to continue the massacre in Gaza and Lebanon after the killing of Hamas leader Yahya Sinwar on Wednesday, which has dashed hopes of a ceasefire.

The white metal continues to find bids despite market expectations for the Federal Reserve (Fed) to cut interest rates further by 50 basis points (bps) in November have gone out of the picture. Traders expect the Fed to follow a moderate rate-cut path. This has kept the US Dollar (USD) firm against its major peers. The US Dollar Index (DXY), which tracks the Greenback's value against six major peers, falls slightly from its 10-week high of 103.90, but its outlook remains upbeat.

Silver technical analysis

Silver price comes closer to revisiting the decade-high of $33.00. Upward-sloping 20- and 50- Exponential Moving Averages (EMAs) near $31.30 and $30.50, respectively, suggest a strong uptrend.

The 14-day Relative Strength Index (RSI) approaches 60.00. A decisive break above the same would activate a bullish momentum.

Silver daily chart