Silver prices ended Monday’s trading session with a decline of more than 0.40%, as positive developments from the weekend’s US-China trade talks sparked optimism. The meetings resulted in an agreement to reduce tariffs for 90 days, signaling the start of new negotiations. As Tuesday’s Asian session began, XAG/USD remained stable at $32.56.
XAG/USD Price Outlook: Technical Analysis
The price of silver has remained within the $32.00-$33.00 range over the past five days, reflecting a lack of decisive action from both buyers and sellers amid ongoing geopolitical tensions and fluctuations in the US Dollar.
With the US Dollar strengthening, XAG/USD may face downward pressure, potentially testing the 100-day Simple Moving Average (SMA) at $31.86. If this level is broken, the next support could be the 200-day SMA at $31.25, followed by the $31.00 mark.
On the upside, should XAG/USD surpass the 50-day SMA at $32.74, the next resistance will likely come at the psychological $33.00 level. If breached, further gains could bring silver to $33.50 and potentially $34.00.
