Silver climbed to $32.30 as investors moved into safe-haven assets after President Trump announced new steel and aluminum tariffs. The news renewed demand for precious metals, lifting silver prices amid increased market uncertainty.
Prices were also helped by a pullback in the US Dollar Index, which eased from 108.50 to 108.10. A softer dollar typically makes dollar-priced commodities like silver more attractive to buyers, supporting higher prices.
Technical indicators point to a bullish bias. The 20-day exponential moving average (EMA) is rising around $30.90, reflecting short-term upward momentum. Relative Strength Index (RSI) readings between 60 and 80 suggest strong buying interest without being deeply overbought. Immediate resistance sits near $32.50; if breached, silver could test October’s high near $33.90. On the downside, support is seen around $29.50, which would be a key level for bulls to defend.
Market participants are watching Fed Chair Jerome Powell’s upcoming congressional testimony for clues about how long current interest-rate settings might remain in place. Any signals of prolonged restrictive policy could strengthen the dollar and pressure commodities, while hints of a more dovish stance could further support silver and other precious metals.
In summary, silver’s recent rise to $32.30 reflects a combination of safe-haven demand following tariff news, a retreat in the dollar, and constructive technicals. Traders will be closely monitoring macroeconomic developments and Fed commentary to gauge whether momentum can extend toward resistance levels or if prices will revert toward established support.