Silver encounters "Black Monday": Tariff policy fluctuations and a stronger dollar double pressure, technical analysis focuses on the battle for $38
2025-08-12 10:49:26
Spot silver plummeted over 1.90% on Monday (August 11), closing at $37.59 per ounce, as traders awaited the White House's decision on gold tariffs. US President Trump stated on Truth Social that no gold tariffs would be imposed on August 11th, while a broadly stronger US dollar continued to suppress silver prices. On Tuesday (August 12), spot silver was trading at $37.78 per ounce, up approximately 0.47%.
Spot silver trend technical outlook
Silver fell on Monday after five consecutive days of gains, with the spot price falling below the $38.00 mark. Despite the pullback, the Relative Strength Index (RSI) remains in bullish territory, indicating that buyers remain in control.
For the rally to continue, spot silver must first break through $38.00 and remain above its 20-day moving average of $38.05. Key resistance levels lie ahead, including the daily high of $38.47 reached on August 8, and then $38.50. A break above these levels could push silver prices towards $39.00.
On the other hand, if silver falls below $37.50, it could drop to the 50-day moving average at $37.03. If the decline continues, the next support level will be at the July 31 swing low of $36.22.
(Spot silver daily chart, source: Yihuitong)
At 10:46 Beijing time, spot silver was trading at $37.78 per ounce.
Spot silver trend technical outlook
Silver fell on Monday after five consecutive days of gains, with the spot price falling below the $38.00 mark. Despite the pullback, the Relative Strength Index (RSI) remains in bullish territory, indicating that buyers remain in control.
For the rally to continue, spot silver must first break through $38.00 and remain above its 20-day moving average of $38.05. Key resistance levels lie ahead, including the daily high of $38.47 reached on August 8, and then $38.50. A break above these levels could push silver prices towards $39.00.
On the other hand, if silver falls below $37.50, it could drop to the 50-day moving average at $37.03. If the decline continues, the next support level will be at the July 31 swing low of $36.22.
(Spot silver daily chart, source: Yihuitong)
At 10:46 Beijing time, spot silver was trading at $37.78 per ounce.
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