Silver’s Make-or-Break Moment: XAG/USD Tests $33.24 as Trade Winds Shift
All eyes on silver’s next move—can the ’poor man’s gold’ finally punch through resistance?
Market whispers of trade deals send industrial metals rallying—but will the algos bite or bail?
Chartists see bullish signals, while skeptics eye yet another ’fakeout’ in the making. After all, since when do trade talks ever end well?
Silver Technical Picture: Key Levels to Watch
Silver is still positive, above the 50-hour EMA. The rising trendline, a series of higher lows, is bullish. The MACD has also confirmed this, above zero, so buyers are in control.
Resistance: Immediate resistance at $33.24, if broken could open up to $33.46.
Support: 50-hour EMA at $32.85, stronger support at $32.67.
Trade Setup
For new traders to get in:
Silver Price Chart – Source: TradingviewEntry: Long above $32.87, targeting $33.24.
Stop-Loss: Set stop below 50-hour EMA at $32.80.
Take-Profit: $33.46 for a good risk-reward.
A break above $33.24 could attract more buying and push prices to $33.70. But if it fails to hold, it could be a deeper pullback to $32.67.
Final Thoughts
As silver traders navigate this mixed environment, the next move will be dependent on the outcome of these high-level trade talks and the Federal Reserve meeting this week. Silver is a favorite for those looking for safe-haven assets but the direction of the US Dollar and macro policy will be key for the short-term.
