International News
Silver sees modest gains, but overall bearish tone persists
Silver (XAG/USD) sees modest gains, trading around $30.15 during Tuesday’s(Apr 8) Asian session. Despite the uptick, the overall bearish tone persists, as reflected in technical indicators and broader market sentiment.
Investors appear to be locking in profits or covering margin positions amid global trade tensions, which continue to weigh on risk appetite. However, a weaker U.S. dollar may help cushion silver’s downside, given its status as a USD-denominated asset.
From a technical standpoint, silver remains under pressure below the 100-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) hovers around 32.70, below the neutral 50 mark, reinforcing the bearish momentum.
Key support lies at the psychological $30.00 level. A break below this could expose further downside towards $28.80 — the December 20, 2024 low — followed by $28.31, the low from April 7.
On the upside, immediate resistance is seen at $30.85, the January 21 high. A sustained move above this level could open the door to $31.77 (100-day EMA), with further bullish extension toward $33.20 — the February 20 peak.
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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