Silver remained broadly unchanged in the European trading session on Monday, taking a pause after three successive session on the uptrend. The grey metal traded at $32.29 at the time of writing, having eased from eleven-day highs of $32.38 set earlier in the day. Silver price registered gains in three of the last five trading sessions, underlining a strong bullish sentiment.
The thawing of trade tariff tensions between the United States and its trading partners has resuscitated investor confidence in the global economic outlook. That favors silver price to find propulsion from industrial demand. In addition, China’s leaders are set to meet to discuss additional stimulus measures this week. Meanwhile, the country’s exports rose by 12.4% in March as it sought to beat US tariff timelines.
The medium-term momentum on silver price is at crossroads, with the US-China trade tensions likely to subdue industrial demand for the metal, with rising risk sentiment likely to bring safe haven tailwinds. That will likely limit XAGUSD upside. However, US President Donald Trump’s exception of tariffs on smartphones and electronics could provide support for silver. The momentum on XAUUSD also favours its continued upside, as the pair trades above its Volume Weighted Moving Average (VWMA) and the RSI is at 51.
Silver Price Prediction
Silver price pivots at $32.00 and immediate resistance will likely be at $32.43. An extended control by the buyers will break above that barrier, and the price could rise further to test $32.89.
Conversely, the momentum could shift to the downside if silver price breaks below $32.00. With the sellers in control, the metal will likely find its first support at $31.50. Meanwhile, breaking below that level will invalidate the upside narrative. Furthermore, the resulting momentum could take the price action lower to test the second support at $31.07 in extension.
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