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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 Face Macro Headwinds Amid Persistent Inflation and Geopolitical Uncertainty: AUGMONT BULLION REPORT
Safe-Haven Dynamics
Gold faced downward pressure as the U.S. dollar strengthened and Treasury yields surged, reducing the appeal of non-yielding assets. Easing inflation expectations have also diminished hopes for aggressive Federal Reserve policy easing, with markets currently pricing in only one possible rate cut later this year.
Geopolitical Developments
Geopolitical tensions escalated after Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly launched a joint operation with Lebanon’s Hezbollah targeting sites in Israel, Jordan, and Saudi Arabia.
Additionally, reports of attacks on two oil tankers in the northern Persian Gulf near Iraq and Kuwait heightened fears of supply disruptions, pushing crude oil prices higher by more than 6%.
Macro-Economic Factors
U.S. inflation data for February came largely in line with expectations but remains above the Federal Reserve’s target. According to the U.S. Bureau of Labor Statistics, the headline Consumer Price Index (CPI) rose 0.2% month-on-month, with the annual rate holding steady at 3.1%. Persistently elevated inflation continues to reduce the likelihood of near-term Fed rate cuts.
Technical Triggers
• Gold continues to maintain a bullish bias, with prices expected to move towards $5,250 (~ Rs.163,500) and $5,300 (~ Rs.165,000) in the near term. Strong support is seen around the $5,000 (~ ₹158,500) level, which is likely to act as a key buying zone on any corrective dips.
• After achieving the target of $90, Silver also remains firmly supported and is continuing its upward momentum, with the next upside target around $95 (~ Rs.285,000). On the downside, strong support is placed near $80 (~ Rs.260,000), suggesting that any short-term corrections could attract fresh buying interest.
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $5000 / oz | $5300 / oz |
| Gold | Domestic | ₹158,500 / 10 gm | ₹165,000 / 10 gm |
| Silver | International | $80 / oz | $95 / oz |
| Silver | Domestic | ₹260,000 / kg | ₹285,000 / kg |
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