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Silver price faces selling pressure, dropping to around $33.15 in Thursday's early European session, down 2.25% on the day.
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The bullish outlook for Silver remains intact above the key 100-day EMA, though further consolidation is still possible.
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Immediate resistance is seen at $34.23, with the first support level to watch at $32.66.
Silver price (XAG/USD) declines to around $33.15 during the early European session on Thursday, pressured by profit-taking after recent gains. However, the downside potential appears limited due to heightened concerns over a widening trade war, following US President Donald Trump's announcement of sweeping new global tariffs.
Despite the pullback, the bullish trend for Silver remains intact, supported above the key 100-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) is neutral, hovering around the midline, suggesting a consolidation phase could be possible in the near term.
The immediate resistance level for Silver is at $34.23, the high from March 18. A break above this could push the price towards the $34.60-$34.70 range, corresponding to the March 28 high and the upper boundary of the Bollinger Band. A decisive breakout above this zone could lead to a push toward the psychological $35.00 level.
On the downside, the first key support is at $32.66, the March 21 low. A sustained move below this level could open the door for further declines toward $31.89, the 100-day EMA. A deeper pullback could expose $30.82, the February 28 low.
Silver price (XAG/USD) daily chart
