Silver Breaks $32 Mark as Dollar Retreats Amid Trade Tensions

Silver prices have surged to $32.30 as investors seek safe-haven assets following President Trump’s announcement of new steel and aluminum tariffs.

The precious metal’s gains were further supported by a retreat in the US Dollar Index from 108.50 to 108.10.

Technical analysis indicates a bullish outlook, with the 20-day EMA trending higher at $30.90 and RSI readings between 60-80 suggesting strong momentum. The metal faces immediate resistance at $32.50, with potential upside to October’s high of $33.90, while maintaining support at $29.50.

Investors remain focused on Fed Chair Powell’s upcoming congressional testimony for signals about the duration of current interest rate levels.