Silver price prediction: XAG/USD stalls below 9-day high as NFP data looms
The metal remains confined between $32.75 and $32.45
Silver price rally in March hit resistance after reaching a nine-day high of $32.75. The price retraced slightly from this peak, finding support at $32.45 in the Asian session today, before stabilizing near $32.55 during the European session. The metal remains confined between $32.75 and $32.45, with traders holding back from aggressive positioning ahead of the U.S. Nonfarm Payrolls (NFP) report.
The pullback from recent highs comes as investors assess broader market risks, including concerns over US trade policies under Donald Trump. The uncertainty surrounding trade relations has pressured equities, indirectly supporting safe-haven assets like silver. However, with the US dollar stabilizing near recent lows, silver’s upside has been capped for now.
Silver price outlook: Bullish RSI and soft NFP expectation suggest further upside
Silver price dynamics (Nov 2024 - March 2025). Source: TradingView.
Despite the retracement, silver’s daily and 4-hour RSI remain in bullish territory, indicating underlying buying interest. The sentiment is further supported by expectations of a weaker dollar, as traders anticipate potential Federal Reserve rate cuts later in 2025. A soft NFP reading could reinforce this outlook, pushing silver above its current range.
On the other hand, a stronger-than-expected jobs report may boost the dollar, limiting silver’s ability to break higher. Additionally, if risk appetite returns to equity markets, safe-haven demand could ease, adding pressure on silver’s price.
For silver to extend gains, a breakout above $32.75 could open the door to February’s high of $33.40. Conversely, a breakdown below $32.45 may see the price testing $31.90 as the next support level. Traders will closely watch NFP data for confirmation of silver’s next directional move.
Silver's rally lost momentum as it failed to hold above the $32.50 resistance level, slipping to $32.30. Despite the drop, the RSI remained in bullish territory, signaling a possible rebound.
