Silver Prices Stall Amid Soft Dollar and Market Consolidation

According to data from TradingView, silver is trading at around $38.11 per ounce this morning, almost flat from yesterday’s close.

Over the past 24 hours, the silver market has seen mild consolidation after approaching recent highs, signaling cautious sentiment. The price movement reflects market reactions to macroeconomic developments, notably the U.S.-EU tariff agreement announced yesterday.

The deal, imposing 15% tariffs on select EU imports, eased geopolitical tensions and bolstered risk appetite. Investors shifted away slightly from safe-haven assets, limiting silver’s upside potential.

On the technical front, indicators point to short-term moderation. Silver’s price hovers near the upper Bollinger Band on the daily chart, suggesting recent strong momentum may slow.

However, the daily RSI around 65 still indicates room before reaching overbought conditions. Meanwhile, the MACD remains positive but shows narrowing momentum, suggesting possible short-term weakening.

Silver Shows Signs of Short-Term Consolidation

The 4-hour chart provides additional clarity. Here, the RSI dipped closer to 38, reflecting a temporary easing in bullish momentum. MACD turned slightly negative, confirming reduced upward pressure and hinting at consolidation or mild correction.

Current support lies between $37.80 and $37.90, with stronger support at $37.15. Resistance remains at $38.50, with psychological resistance at $40.00 per ounce.

Volume activity aligns with this consolidation. Trading volume has been average, with no significant spikes to confirm any strong directional moves in price.

The Global Liquidity Index (NDQ), represented by a declining yellow line on the 4-hour chart, underscores weakening liquidity. This reduction in liquidity could limit significant upward movements in the near term.

From a fundamental perspective, silver maintains its bullish stance. Persistent supply deficits, now entering their fifth year, underpin the market’s strength.

Industrial demand continues to surge, particularly in renewable energy and technology sectors, reinforcing long-term support for prices. ETF inflows remain robust, indicating sustained investor interest despite recent consolidation.

However, slight profit-taking among U.S. retail investors, leading to reduced physical demand, provides minor downward pressure.

Overall, silver currently balances between macroeconomic optimism, short-term technical consolidation, and strong long-term fundamentals. Traders are cautiously observing whether recent stability will lead to renewed momentum or further short-term easing.

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