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Silver price could aim for the upper boundary of the ascending channel near $33.50
Silver price could aim for the upper boundary of the ascending channel near $33.50.The 14-day RSI holding at the 50 mark reinforces the ongoing bullish bias. Immediate support is seen at the 50-day EMA around $32.21.
Silver (XAG/USD) remains a critical commodity in global markets, influenced by both macroeconomic factors and technical patterns. As of April 15, 2025, silver prices are trading at approximately $32.30 per troy ounce, maintaining strength for the fifth consecutive session. This report provides an in-depth analysis of silver’s price trends, focusing on its ascending channel pattern and key technical indicators.
Silver is currently trading around $32.30, supported by its position above both the nine-day and 50-day EMAs. This indicates robust short-term momentum in favor of a bullish trend.
- Immediate Support:Â The 50-day EMA at $32.21 serves as a crucial support level. A breach below this point could weaken short-term momentum15.
- Secondary Support:Â The nine-day EMA near $31.90 offers additional support2.
- Major Support:Â A significant downside risk lies at $31.50, followed by the seven-month low at $28.00 recorded on April 7
- Immediate Resistance:Â The upper boundary of the ascending channel near $33.50 represents the next upside target.
- Extended Resistance: A break above $33.50 could pave the way for testing the six-month high of $34.59 last seen on March 28, with further potential to reach $35—a psychological level last observed in 2012
The 14-day RSI is holding steady at the 50 mark, reinforcing bullish bias without entering overbought territory. This suggests that silver’s upward trajectory remains sustainable in the near term.
If XAG/USD decisively breaks above $33.50, it could target $34.59 and potentially extend gains toward $35—a level not seen since 2012. Such a rally would likely attract momentum traders and reinforce bullish sentiment. Failure to hold above immediate support at $32.21 may result in a pullback toward $31.90 or even deeper declines to $31.50 or $28.00, depending on broader market conditions
- A better-than-expected U.S. jobs data has strengthened predictions that the Federal Reserve would not lower interest rates at its December meeting, which has caused precious metals to trade mutedly.
- The highly anticipated U.S. Labour Department report, which was postponed due to the federal government shutdown, revealed that nonfarm payrolls climbed by 119,000 in September—more than twice the projected gain of 50,000.
- The Fed lowered interest rates despite members’ warnings that doing so could jeopardise persistent inflation and erode public confidence in the US central bank, according to minutes from the Fed’s October meeting that were made public on Wednesday.
- The Cleveland Beth Hammack, the president of the Federal Reserve, cautioned on Thursday that further rate cuts at this time pose a number of economic dangers. There is a chance that asset prices will drop excessively, according to Fed Governor Lisa Cook.
Technical Triggers
- Gold has been trading in the range of $4000 (~Rs 121,000) and $4150 (~Rs 125,000). Buy on dips around support and sell on rallies around resistance.
- Silver has been trading in the range of $49 (~Rs 150,000) to $53 (~Rs 160,000). Buy on dips around support and sell on rallies around resistance.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4000/oz | $4150/oz |
| Indian Gold | ₹121,000/10 gm | ₹125,000/10 gm |
| International Silver | $49/oz | $53/oz |
| Indian Silver | ₹150,000/kg | ₹160,000/kg |
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