The silver price increased for the second day in a row on Friday, when it was traded at 32.96 dollars an ounce in the European session after it rose 0.03 %. The gray metal was in a strong upward trend this year, and it gained 14 % from year to date. However, he beat his richer cousin, gold, which rose by 12 % YTD. The bullish trend of silver is driven by a safe haven amid fears related to the war of tariffs and stable industrial demand.
The Chinese economy refers to recovery as economic stimulus measures resulted in fruits. It can enhance industrial productivity and help maintain the price of silver on the climb path. However, the safe demand for a haven can overcome the gesture of US President Donald Trump indicates its willingness to negotiate a way out of the tariff war against China. Trump stated that the eleventh Chinese counterpart can visit the United States, adding that commercial negotiations can be on cards.
However, there is still a continuous question about whether the Trump administration can follow the 25 % definitions on drugs, cars and semi -conductors. Customs duties may become valid in early April, and it may add such a disclosure of a safe haven to silver prices.
Meanwhile, Xagusd technical standards are preferred to stay in the upward direction. The number of the relative strength index on the daily chart is 66, while the average trend index (ADX) is read 21. This signal is a strong upward momentum, and the bills call for the gray metal.
Silver price expectations
The momentum indicates silver prices that buyers are likely to remain in control if the procedure is kept on the axis mark at $ 32.80. The upper trend is likely to fulfill the first resistance at $ 32.98. However, the strongest momentum will collapse above this level and can test $ 33.12.
Instead, the transition to less than $ 32.80 will turn the momentum to the negative side. However, minerals can find the first support at $ 32.64. The bullish direction would be invalid if the price is less than this level. This landing procedure can see the next support test at $ 32.50.
