Silver Price News: Silver Steady as Nations Seek US Trade Deals

Silver prices broadly held steady at just below the $30.00 an ounce mark, as a measure of calm pervaded the market in the wake of recent increased volatility linked to US tariffs.

Prices moved in a relatively narrow range of $29.68 to $30.57 an ounce on Tuesday, compared with around $30.09 an ounce in late trades on Monday.

Investors weigh demand outlook

The relative calm followed several days of volatile trading in early April as the silver markets grappled with the implications of far-reaching US tariffs, which sent stock markets tumbling around the world. For silver, the developing trade war matters because of its potential to slow global growth, denting manufacturing and industrial demand for silver.

The more stable conditions came as the White House said 70 countries have reached out to negotiate on trade tariffs, raising the prospect of more balanced trade arrangements if countries can find agreement on terms.

Technical analysis

Silver’s collapse late last week has thrown the technical charts into disarray, with the 10-day Relative Strength Index slumping to 25.8 as of Tuesday, compared with over 68 on March 27^th. This arguably puts silver in a technically stronger position for a rebound, particularly if positive news emerges on more constructive trade deals between the US and other countries. This view is further augmented by silver’s price which is now far below the 20-day moving average of $33.03 an ounce.

Should prices move lower, attention is likely to turn to potential horizontal support linked to the December 2024 lows at around $28.95 an ounce and lower support at the April 7^th intraday low of $28.58 an ounce.