The price of silver (XAG/USD) saw a positive start to the week, rising to $29.69 and briefly touching $29.93. Various factors are contributing to this upward trend, such as growing demand globally and geopolitical tensions impacting supply. India is expected to nearly double its silver imports this year, driven by a surge in demand from the solar industry and investors. Similarly, Kyrgyzstan experienced a significant 90-fold increase in silver exports in the first half of the year, highlighting the strong global demand that is supporting price levels. Forecasts from the Silver Institute indicate a 2% rise in global silver demand from 2023 to 2024, reaching approximately 1,219 tonnes. Apart from industrial usage, silver is also attracting investors amidst speculations of a 25-basis-point rate reduction by the Federal Reserve in September, as indicated by the CME FedWatch Tool. The surge in demand for silver in India is expected to have a positive impact on global prices, with imports forecasted to reach between 6,500 and 7,000 tons in 2024. This surge is fueled by increased demand from various sectors and a recent reduction in import duties, making silver more accessible. Furthermore, Kyrgyzstan’s exponential increase in silver exports, particularly to India and Switzerland, is likely to bolster global silver prices by reflecting strong demand amid potential supply constraints. In terms of short-term forecasts, the momentum of silver prices relies on breaking the $29.94 resistance level, with potential declines if this level is not breached. Key technical levels and support areas are closely monitored for potential trading opportunities.