Silver bounced off the $32.19 level, which lines up with a key Fibonacci retracement zone and has held up well over the last several sessions. The price also pushed back above the 50-day moving average at $32.57, turning that into fresh short-term support. This sets the stage for a test of $33.11—last week’s high and a known resistance level. If silver can break above that with solid volume, we could see a run toward $34.59 to $34.87, where several technical targets line up.
Why Silver Is Up While Gold Is Down
The big story in the background is the changing tone on U.S.-China trade. President Trump has stepped back from earlier tough talk on tariffs, which is helping silver find buyers. Gold is losing steam because investors aren’t as focused on safety plays, while silver is gaining ground due to its industrial use. Less trade tension could mean better demand in manufacturing, especially in tech and renewable energy where silver is widely used.
Treasury Secretary Scott Bessent added to the positive sentiment, saying current tariffs can’t last forever. U.S. tariffs on China still sit at 145%, with China hitting back at 125%. If those numbers start to come down, silver demand could pick up fast—especially from factories and exporters.
Fed Talk Cools Down, Market Calms
Markets got another lift after Trump said he has “no intention” of firing Fed Chair Jerome Powell, even after some harsh criticism earlier in the week. That helped ease worries that the Fed could lose independence. Less stress around rate policy is a good sign for risk assets, including silver.
Outlook: Bullish Bias Above $32
Silver continues to hold its ground, with bulls defending key levels and momentum starting to build. As long as it stays above $32.19 and the 50-day moving average, the short-term trend looks positive. A clean break over $33.11 could open the door to the mid-$34s. With stress cooling down and demand outlook improving, silver is still a strong buy-the-dip candidate in the current setup.
More Information in our Economic Calendar.
