Silver rises Toward $33 As Bulls Test Key Resistance
Silver traded at $32.98 on Wednesday, rising for a fourth time in five sessions. The rebound from $30.18 has held. But the $33.00 mark, tested twice this month, remains a ceiling. Bulls will need a clean break to extend the rally. The rally is being driven by softer dollar sentiment and lingering uncertainty around global trade conditions.
Silver has now gained in four of the last five sessions and appears set to register another positive weekly close. However, whether it sustains this upside will depend on how the market digests economic and geopolitical risks heading into May.
Tariff noise and rate pressure lend silver short-term support
The ongoing standoff between the United States and China has continued to create safe haven demand for metals. Talks between Washington and Beijing remain stalled. China has warned of retaliation if tech restrictions expand. No breakthrough is in sight.
U.S. factory and housing data missed forecasts this week. That has revived rate-cut bets. A weaker dollar would support silver and other non-yielding assets.
The current rally is also being supported by pickup in institutional demand. ETF inflows into silver-backed funds have turned positive this week after nearly a month of outflows.
Dollar slips as traders turn defensive
The dollar index slipped to 98.74 — its lowest in nine months. The greenback is under pressure against the euro, yen, and franc. Falling yields have added to the flight into safe havens like silver.
This has added tailwinds to silver price, which often benefits from periods of currency instability and geopolitical unease. Market sentiment has become increasingly sensitive to news from both Washington and Beijing, and traders are now pricing in greater volatility in precious metals heading into May.
Silver Price Prediction
The momentum on silver price remains bullish in the near term. However, upside strength must now clear overhead resistance to avoid another rejection.
- The immediate resistance sits at $33.00, a level that stalled the rally earlier this month.
- A breakout above that would likely open the way toward the $33.25 mark.
- Further gains could test $34.00 if momentum continues.
On the downside, first support lies at $32.42, while a break below that could see silver test $32.03. The bullish thesis will be invalidated if the price falls below $31.64, which would likely attract more selling pressure.
