Silver Eyes $33.24 Breakout as U.S.-China Trade Talks Heat Up
Silver’s poised for a bullish breakout—just as Wall Street and Beijing resume their endless tango of tariffs and truces. Here’s why traders are watching the $33.24 level like hawks.
The metal’s flirting with a key resistance point, and a clean break could send it soaring. Meanwhile, negotiators on both sides are dusting off their usual playbooks: vague promises, strategic leaks, and the occasional dramatic walkout for good measure.
Funny how ’trade war uncertainty’ always seems to benefit someone’s portfolio, isn’t it?
Silver Holds Steady Amid Trade Deal Hopes
Silver (XAG/USD) is right below the 50 EMA at $32.58, as traders wait to see what the latest tariff announcements mean. US President Donald TRUMP and UK Prime Minister Keir Starmer just struck a “breakthrough” trade deal, cutting UK tariffs on US imports to 1.8% from 5.1%. But a 10% US tariff on British goods remains, so upside is capped.
Meanwhile, the market is shifting its focus to the upcoming US-China trade talks where Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet China’s top economic official in Switzerland this weekend. If these talks lead to a broader tariff rollback, it could boost risk and cap silver’s safe-haven appeal.
Technical Levels to Watch
Silver is in a wedge, so a breakout is imminent:
Silver Price Chart – Source: TradingviewImmediate Resistance: $32.58 (50 EMA) – critical short-term level
Next Resistance: $32.94 – descending trendline from recent highs
Major Hurdle: $33.24 – key level for bullish momentum
On the downside, the trendline NEAR $32.23 is a key support zone, aligns with the bigger uptrend from late April.
Silver Trade Setup
For those looking to get in on the next move, the wedge is a clear risk-reward setup:
Buy Setup: Long if silver breaks above $32.58, confirming the reversal. Initial targets are $32.94, then $33.24.
Risk Management: Stop just below the trendline at $32.23 to limit downside.
Momentum Confirmation: Watch for a bullish MACD crossover for additional confirmation.
