Silver Price News: Silver Holds Steady Above $32 an Ounce

Silver prices held their ground on Tuesday in largely sideways trading, as gold prices held steady at just under their recent all-time highs.

Prices moved in a range of $32.14 to $32.57 an ounce on Tuesday, compared with Monday’s range of $31.92 to $32.45 an ounce.

Silver holds as gold in ‘wait-and-see’ mode

Silver took a lead from the larger gold market on Tuesday which appeared to take a pause after trading at a fresh all-time high of $3,247 an ounce on April 11^th.

Precious metals prices have been buoyant in recent days as US President Donald Trump’s stop-start policy on tariffs triggered chaos in financial markets, prompting a flight to safety in the form of hard assets. After announcing a broad sweep of tariffs on imports from many countries on April 2^nd, the subsequent 90 day pause on most tariffs gave the markets a moment to weigh the outlook for economic growth.

Technical analysis

Looking at the technical charts, silver’s sharp price collapse in early April and subsequent rebound has left the precious metal trading at just below its 20-day moving average at $32.54 an ounce, and a short distance above rising oblique major support at $31.90 an ounce. On the upside, prices face declining oblique minor resistance at $32.81 an ounce. The 10-day Relative Strength Index gives a neutral reading at 51.7, suggesting a lack of momentum in either direction for the time being.

Upcoming data

Upcoming events for the market include Wednesday’s US retail sales figures. Then eyes will turn to an interest rate decision by the Bank of Canada on Wednesday, followed by the ECB’s rate decision on Thursday. The markets will also be watching the major central banks for signals on the path forward for monetary policy as traders weigh the likelihood of a further rate cut by the US Fed in May or June.