Silver Prices may Add Further Gains – Key News Drivers and Technical Levels

More Pressures on President Trump

Market risk appetite improved this week, boosting major US stock indices and pushing the US dollar index closer to the 100.00 level. Investors have temporarily halted their sell-off of US assets following a shift in stance by the Trump administration. This change was prompted by growing market pressure, evident in the damage to stock and bond markets and a significant decline in confidence in the US economy.

Although President Trump appears to be responding to market sentiment, the uncertainty is far from over. Expectations of a looming recession continue to weigh on the outlook. Meanwhile, legal challenges against the Trump administration are increasing, with lawsuits alleging that he exceeded his constitutional jurisdiction in imposing tariffs. Critics argue that Congress should play a larger role in approving such measures, as tariffs essentially act as a tax on American consumers—something that typically requires legislative backing.

Looking Ahead

Today, markets await the release of US durable goods orders data for March, which could show a slowdown in monthly growth—from 0.9% in February to 0.3% in March. This may reflect the early impact of tariffs implemented by the Trump administration. However, the more severe effects are likely to appear in April, when broad tariffs were imposed globally and the trade war with China intensified, with mutual tariffs reaching triple-digit percentages. The data will be released today, Thursday, at 4:30 PM UAE time.

Silver Prices may Climb to Multi-Month Highs

The silver price closed yesterday above the 50-day moving average, signaling the potential for continued gains. The price may be on track to test the high end of the current trading zone between 31.54 and 34.40. A daily close above this limit would suggest further upside potential toward 35.40. In this scenario, the resistance level at 34.86 should be closely watched.

Levels to Consider in the Opposite Scenario

If silver prices fail to close above 34.40, it would indicate weakening upward momentum, potentially encouraging bearish traders to push prices lower. A daily close below 31.54 could trigger a corrective move towards 28.78. In this case, the support level at 30.68 should be considered.

Silver Prices – Daily Chart

Chart Source: ADSS Platform