Silver Price Forecast: XAG/USD slips as US-China trade truce boosts US Dollar
Silver trades sideways in $32.00–$33.00 range as trade optimism offsets Dollar strength
Break below $31.86 (100-day SMA) may target $31.25 and $31.00; upside capped at $32.74 (50-day SMA)
US-China tariff de-escalation lifts sentiment but pressures safe-haven demand for Silver.
Silver price ended Monday’s session with losses of over 0.40% as upbeat news from last weekend's meetings between US and Chinese delegations delivered an agreement to reduce tariffs for 90 days, marking the beginning of negotiations. The XAG/USD trades at $32.56, unchanged as Tuesday’s Asian session begins.
XAG/USD Price Forecast: Technical outlook
Silver price has consolidated within the $32.00-$33.00 range over the last five trading days, amid a lack of commitment from buyers and sellers to push the grey metal upward or downward due to geopolitical uncertainty and the Greenback’s volatility.
As the US Dollar posts solid gains, XAG/USD could be headed to challenge the 100-day Simple Moving Average (SMA) at $31.86. Once cleared, the next support level would be the 200-day SMA at $31.25, followed by the $31.00 figure.
Conversely, if XAG/USD climbs past the 50-day SMA at $32.74, the next resistance would be the $33.00 psychological mark. Once surpassed, the next stop would be the $33.50, followed by $34.00.
XAG/USD Price Chart – Daily
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