Silver Eyes $33.24 Breakout as U.S.-China Trade Talks Heat Up

Silver is sitting at $32.50, testing a key resistance zone as traders digest the latest news. With a tightening wedge and new trade deals on the horizon, silver’s next move could be big. Silver Holds Steady Amid Trade Deal Hopes Silver (XAG/USD) is right below the 50 EMA at $32.58, as traders wait to see what the latest tariff announcements mean. US President Donald Trump and UK Prime Minister Keir Starmer just struck a “breakthrough” trade deal, cutting UK tariffs on US imports to 1.8% from 5.1%. But a 10% US tariff on British goods remains, so upside is capped. Meanwhile, the market is shifting its focus to the upcoming US-China trade talks where Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet China’s top economic official in Switzerland this weekend. If these talks lead to a broader tariff rollback, it could boost risk and cap silver’s safe-haven appeal. Technical Levels to Watch Silver is in a wedge, so a breakout is imminent: Immediate Resistance: $32.58 (50 EMA) – critical short-term level Next Resistance: $32.94 – descending trendline from recent highs Major Hurdle: $33.24 – key level for bullish momentum On the downside, the trendline near $32.23 is a key support zone, aligns with the bigger uptrend from late April. Silver Trade Setup For those looking to get in on the next move, the wedge is a clear risk-reward setup: Buy Setup: Long if silver breaks above $32.58, confirming the reversal. Initial targets are $32.94, then $33.24. Risk Management: Stop just below the trendline at $32.23 to limit downside. Momentum Confirmation: Watch for a bullish MACD crossover for additional confirmation.