Silver Price Forecast: XAG/USD steady above $32 as risk sentiment improves on US-China talks

• Silver capped by 50-day SMA at $32.68 despite intraday high of $32.93; RSI turns flat near neutral.
• Break above $33.00 could open path to $33.68 and $34.00; downside risk below $32.22 targets $31.80 and $31.19.
• Market sentiment buoyed by US-UK trade deal and hopes of de-escalation in US-China relations ahead of weekend talks.

Siver price held firm on Thursday as risk appetite improved on news of a US-UK trade deal, along with hopes that Sino-US tensions could be lowered, as delegations of both countries would meet in Switzerland this weekend. At the time of writing, XAG/USD trades at $32.44, down 0.15%.

XAG/USD Price Forecast: Technical outlook

Silver price is trading below the 50-day Simple Moving Average (SMA) at $32.68, a key technical resistance level that capped the metal's advance despite hitting a daily high of $32.93. Momentum shows the lack of commitments of buyers and sellers as portrayed by the Relative Strength Index (RSI), which hovers near its 50 neutral line, turning flat. That said, XAG/USD would likely remain sideways in the short term.

For a bullish continuation, XAG/USD must clear the 50-day SMA and the $33.00 figure. Once achieved, the next ceiling level will be an April 25 daily high at $33.68, followed by $34.00. Conversely, if Silver slides beneath $32.22, look for a test of the 100-day SMA at $31.80, ahead of the 200-day SMA at $31.19.

XAG/USD Price Chart - Daily