Silver prices remained stable on Thursday, supported by improved market sentiment following the announcement of a potential US-UK trade deal and growing hopes of easing tensions between the US and China. Both countries’ delegations are set to meet in Switzerland this weekend, fueling optimism. At the time of writing, XAG/USD is trading at $32.44, showing a slight decline of 0.15%.
Silver Price Forecast: Technical Analysis
Silver is currently trading just below the 50-day Simple Moving Average (SMA) at $32.68, a key resistance level that has capped its upward momentum, despite a daily high of $32.93. Technical indicators, including the Relative Strength Index (RSI), show a lack of strong commitment from both buyers and sellers, with the RSI hovering around the neutral 50 level. As a result, XAG/USD is expected to remain in a sideways range in the near term.
For a bullish continuation, silver must break above the 50-day SMA and the $33.00 mark. A successful breakout would bring the next resistance levels at the April 25 daily high of $33.68, followed by the psychological $34.00 level. On the downside, if silver falls below $32.22, attention will shift to the 100-day SMA at $31.80, and potentially the 200-day SMA at $31.19.
