International News
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: 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: The nine-day EMA near $31.90 offers additional support2.
- Major Support: A significant downside risk lies at $31.50, followed by the seven-month low at $28.00 recorded on April 7
- Immediate Resistance: 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
International News
WGC Gold Demand Trends- Q1 2026: Bar and Coin Buying Drove Q1 Demand
Global Demand Hit a New Record High Value Total Q1 Gold Demand, Including OTC, was 2% Higher y/y at 1,231t
Total Q1 gold demand, including OTC, was 2% higher y/y at 1,231t. This modest growth in volumes, combined with gold’s exceptional price rise, generated a 74% jump in the value of quarterly demand to a record US$193bn.
Bar and coin demand of 474t (+42%) was the second-highest quarter on record. Asian investors led the charge, hoovering up gold investment products.
Buying of gold-backed ETFs continued in Q1 (+62t), but at a lower rate than the very strong Q1’25 (+230t) following sizable outflows from US funds in March.
Amid record high gold prices, jewellery demand volumes remained under pressure (-23% y/y), while levels of spend again increased (+31%), signalling continued positive sentiment towards gold jewellery.
Central banks bought 244t (+3% y/y) of gold on a net basis in Q1 despite a visible uptick in selling activity during the quarter.
Demand for gold used in technology edged 1% higher to 82t, fuelled largely by the continued growth in AI infrastructure.
Highlights
- The LBMA (PM) gold price set a new quarterly average record of US$4,873/oz. The price hit a historical high of US$5,405/oz in January, followed by a notable correction. During Q1, the gold price returned 6%.
- The supply of gold increased in Q1 by 2% y/y to 1,231t. Modest growth in mine production, together with a 5% uptick in recycling, generated the increase.
- Investment demand now far exceeds fabrication. Weaker jewellery demand alongside growing investor interest in gold has changed the composition of demand in recent years.
Outlook
- Geopolitics remain front and centre in our outlook for gold demand in 2026. Our view remains that investment and central bank demand will be supported by ongoing geopolitical risk, with further investment impetus from elevated inflation and persistent high gold prices. Jewellery demand will remain under pressure for similar reasons, albeit that spending will likely remain resilient.
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