ProShares Ultra Silver (AGQ) surged 7.71% in pre-market trading, reflecting a broader rally in silver prices driven by overlapping catalysts. The leveraged ETF benefited from heightened safe-haven demand amid geopolitical tensions and robust industrial demand for the metal.
Silver's rally is underpinned by escalating Middle East conflicts, Fed policy uncertainty, and its critical role in AI and solar technologies. Analysts note that retail investor-driven shortages and potential US tariffs have further tightened supply, exacerbating price gains. Citigroup recently raised its 3-month silver price target to $100/oz, citing these structural drivers.
Technically, silver has broken key resistance levels, with momentum indicators signaling sustained bullish sentiment. However, overbought conditions suggest potential short-term consolidation before further upside.
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