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Silver Price Outlook: Can XAG/USD Break $33.24 on Trade Hopes?
By: fxleaders|2025/05/07 15:30:02
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Silver (XAG/USD) is trading at $33.09, above the 50-hour Exponential Moving Average (EMA) at $32.85. This level has been a short-term pivot and is supporting the upward momentum. The recent rally comes after US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet Chinese Vice Premier He Lifeng in Geneva this weekend, the first high-level talks since the US-China trade war escalated. Investors are cautiously optimistic, hoping for a breakthrough to ease global trade tensions. China’s Ministry of Commerce has confirmed it’s ready to engage, balancing domestic interests with US proposals. This could revive global trade flows and support industrial metals like silver, a proxy for economic sentiment. Silver Technical Picture: Key Levels to Watch Silver is still positive, above the 50-hour EMA. The rising trendline, a series of higher lows, is bullish. The MACD has also confirmed this, above zero, so buyers are in control. Trade Setup For new traders to get in: A break above $33.24 could attract more buying and push prices to $33.70. But if it fails to hold, it could be a deeper pullback to $32.67. Final Thoughts As silver traders navigate this mixed environment, the next move will be dependent on the outcome of these high-level trade talks and the Federal Reserve meeting this week. Silver is a favorite for those looking for safe-haven assets but the direction of the US Dollar and macro policy will be key for the short-term.
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