Silver is currently priced at about $36.40. This marks its third consecutive day of decline due to a stronger US Dollar and rising US Treasury yields. The metal is still trading within a narrow range, close to its recent 13-year high. Recent threats of tariffs from the US have kept demand for safe-haven assets like silver steady. However, these tensions haven’t caused a clear price breakout. President Trump has announced new tariffs, including a 50% tariff on copper imports and a possible 200% tariff on pharmaceuticals. There’s also a planned 10% tariff on all BRICS nations, which are seen as opposing US interests. Even with global uncertainties boosting demand for safe-haven assets, silver has struggled to rise. Strong US labor data from last week makes it less likely for the Federal Reserve to lower interest rates soon. This supports the US Dollar and reduces interest in non-yielding assets like silver. Currently, silver trades between $35.50 and $37.30, following an upward trend since April. It’s near the lower end of this range, above the 21-day EMA at $36.19, which has been supportive. Technical indicators show weak momentum, with an RSI near 56 and an ADX of 12.50, indicating a lack of trend strength. A breakout above $37.30 could lead to price increases, but for now, silver is stuck in a range, focusing on geopolitical events. With silver at $36.40, we see a frustrating third straight daily loss. This decline is linked to a stronger US Dollar and higher US Treasury yields, which generally hurt the appeal of precious metals. While silver is close to a 13-year high, it’s not gaining much and is just consolidating. The White House’s new tariff proposals—like the striking 200% tax on pharmaceuticals and the blanket 10% on BRICS nations—have kept some demand for hard assets. Typically, increased trade tensions lead to stronger movements in metals, but lately, silver prices haven’t responded strongly and are just moving sideways. The strength of the US labor market also plays a role. Better-than-expected data last week likely delayed predictions of any quick changes in monetary policy. This supports the US Dollar and raises yields—conditions not favorable for silver, which doesn’t yield any interest. Traders are caught between the safe-haven demand from political risks and the downward pressure from tighter monetary policy. In terms of charts, silver is within an upward structure since April, constrained between $35.50 at the bottom and $37.30 at the top. The 21-day exponential moving average, roughly at $36.19, acts as a soft floor. As long as silver stays above this, it may discourage selling. However, bulls need more than just stability; they need to show initiative. Technical signals are still weak. The RSI at 56 is neutral, not overbought or oversold. The ADX at 12.50 indicates low energy. Currently, there’s no strong trend. Therefore, it doesn’t make sense to take aggressive positions unless prices convincingly rise above $37.30 with strong volume. Until then, a drop could test existing support zones. When planning trades, consider both macro factors and technical signals. With the US Dollar strong and no monetary easing in sight, the focus should shift towards short-term volatility instead of long-lasting trends. We might see temporary shifts in correlation, especially if geopolitical events heat up or market sentiment changes suddenly. Pay close attention to yield movements in the bond market. If Treasury yields peak or decrease, we might see safe-haven flows return to metals. Conversely, more strong US economic data could keep yields high, making real rates attractive, which could prolong the current range-bound action or even invite declines. For now, it’s best to watch and wait rather than make aggressive trades. Being patient and prepared for either side of the price range is a safer approach. Entry points should be carefully calculated, with stop placements that reflect uncertain but limited movements, supported by either moving averages or the edge of the trading channel, depending on market conditions.

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