Silver Price Forecast: XAG/USD retreats below $37.00 as trade war fears rattle markets

• Silver trades at $36.74, inside $36.15-$37.22 intraday range, down 0.23%.
• RSI nears neutral zone, momentum fading below key $37.00 resistance.
• Trendline from April low offers support at $36.00; break may expose 50-day SMA at $34.39.
• Bulls need a decisive close above $37.00 to retest $37.49 and $38.00 levels.

Silver price seesaws around a $36.15-$37.22 range on Monday, but it is set to finish the day with losses of over 0.23% at $36.74 at the time of writing. Risk appetite shifted negatively as US President Donald Trump announced a set of tariffs on more than ten countries, sparking a drop on US equity markets.

XAG/USD Price Forecast: Technical outlook

Silver remains upward biased, despite registering modest losses, but a daily close below $37.00 could pave the way for further losses. From a momentum standpoint, buyers are losing steam, as indicated by the Relative Strength Index (RSI) at 61.85, which is approaching its neutral line.

However, sellers must clear a support trendline drawn from April's low of $28.34 toward May 15 swing low of $31.65, which passes near $36.00. In that case, XAG/USD could drop further and challenge the 50-day SMA at $34.39.

On the flip side, if XAG/USD clears $37.00m, the next area of interest would be February 29, 2012, at $37.49. Once removed, the next stop is $38.00.

XAG/USD Price Chart - Daily