- Silver price rises sharply to around $33.20, supported by multiple bullish factors.
- US President Trump’s tariff policies may trigger a global economic slowdown.
- The Federal Reserve is likely to keep interest rates high for an extended period.
Silver price (XAG/USD) climbs nearly 1.5% to around $33.20 in Thursday’s European session as global trade tensions intensify. Investors remain cautious after US President Donald Trump announced plans to impose tariffs on lumber, cars, semiconductors, and pharmaceuticals within the next month, fueling fears of a potential global trade war and economic slowdown. Additionally, Trump has directed his team to prepare reciprocal tariffs set to be unveiled in April.
Geopolitical concerns also add to market uncertainty, as Ukraine’s President Volodymyr Zelenskyy expresses frustration over being excluded from US-Russia peace talks in Saudi Arabia, condemning Trump’s approach. Signs of stalled Russia-Ukraine negotiations further increase demand for safe-haven assets like Silver.
Despite expectations that the Federal Reserve (Fed) will maintain interest rates at 4.25%-4.50% for an extended period, the US Dollar Index (DXY) declines near 106.90, keeping the Greenback’s safe-haven demand subdued.
Silver Technical Analysis
Silver remains on a bullish trajectory, approaching its three-month high of $33.40 from February 14. The 50-day Exponential Moving Average (EMA) continues trending higher around $31.28, reinforcing upward momentum. The 14-day Relative Strength Index (RSI) stays within the 60.00-80.00 range, signaling strong bullish momentum.
On the downside, Silver finds key support near the upward-sloping trendline from the August 8 low of $26.45, around $30.00. On the upside, the October 22 high of $34.87 serves as the next major resistance level.
Silver daily chart
