Silver Price Forecast: XAG/USD strives to hold $33 amid renewed Sino-US trade worries

• Silver price looks for a temporary support after sliding almost 1% to near $33.00 as trade tensions between the US and China have renewed.
• Trump accused China for non-compliance of trade agreement.
• The US PCE inflation cools down in April.

Silver price (XAG/USD) is down almost 1% near the key level of $33.00 during North American trading house on Friday. However, the white metal strives to gain ground as renewed trade tensions between the United States (US) and China are limited the upside in the US Dollar (USD).

The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, struggles to extend its early recovery move above the immediate resistance of 99.70.

Historically, global economic tensions improve demand for safe-haven assets, such as Silver. However, it is struggling to find bids as higher US Dollar makes investment in Silver price an expensive bet for investors.

During North American session, US President Donald Trump accused Beijing for non-compliance on the trade agreement in a post on Truth.Social. "The bad news is that China, perhaps not surprisingly to some, has totally violated its agreement with us," Trump wrote.

Meanwhile, soft US Personal Consumption Expenditure Price Index (PCE) data for April has weighed some pressure on the Silver. The US core PCE inflation, a Federal Reserve's (Fed) preferred inflation gauge, rose by 2.5% on year, as expected, slower than 2.7% in March. Precious metals underperform in a low-inflation environment.

Silver technical analysis

Silver price ranges between $31.65 and $33.70 from over a month. The near-term trend of the white metal is uncertain as it wobbles around the 20-period Exponential Moving Average (EMA), which trades near $32.90.

The 14-period Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, indicating a sideways trend.

Looking up, the March 28 high of $34.60 will act as key resistance for the metal. On the downside, the April 11 low of $30.90 will be the key support zone.

Silver daily chart