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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: 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
Precious Metals Find Support On Ceasefire Optimism AUGMONT BULLION REPORT
Gold Is Trading At Y Oversold Levels Near The Critical Support Zone Of $4,300, Silver Testing Key Support In The $66–$67 Range
- Price Movement – Gold and silver are consolidating near key support levels as markets digest a fragile Israel-Iran ceasefire alongside mounting concerns over inflation and the prospect of further interest rate hikes.
- Geopolitical Developments – President Trump confirmed that both parties are pursuing an immediate ceasefire, with final negotiations advancing. Israel and Iran announced a mutual halt to hostilities following a direct appeal from Washington. However, Tehran cautioned that it reserves the right to resume strikes if Israeli operations against Hezbollah in Lebanon continue.
- Macro-economic Signals – CME FedWatch data shows markets now pricing a greater than 70% probability of a Fed rate hike by December. Investors are closely watching May’s U.S. CPI and PPI releases, due Wednesday, for clearer signals on the Fed’s policy trajectory. The European Central Bank is also widely expected to deliver a rate increase this week.
Technical Triggers
- Gold is currently trading at deeply oversold levels near the critical support zone of $4,300 (approximately Rs. 1,54,000). A technical rebound of 3–4% is anticipated from current levels, driven by bottom-fishing activity. However, a sustained break below this support would shift the near-term bias decisively lower, exposing the $4,000–$4,100 range (approximately Rs. 1,50,000–Rs. 1,51,500) as the next downside target.
- Silver is similarly oversold, testing key support in the $66–$67 range (approximately Rs. 2,40,000–Rs. 2,42,000). As with gold, a 3–4% technical recovery is the base case on dip-buying, but a confirmed sustainability below this support would accelerate selling pressure toward $60 (approximately Rs. 2,20,000) in the short term.
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4300/oz : $4500/oz : Rs 154,000/10 gm : Rs 160,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $66/oz : $75/oz : Rs 240,000/kg : Rs 260,000/kg |
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