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Silver trades higher on US dollar weakness. It hit an intraday high of $34.10 and is currently trading around $34.097.
China's economic recovery is making a big impact on the silver market as industrial production grew 5.9% year-over-year and retail sales grew 4% year-over-year during January and February 2025, ahead of expectations and propelling silver prices higher because of increasing industrial demand. Fixed asset investment grew 4.1%, which shows increasing spending on industrial projects as well as infrastructure. While positive economic indicators propel commodity market sentiment, unemployment and U.S. tariffs remain challenges that require cautious policy measures to sustain growth. Recent statistics show a positive trend for silver demand in the coming months due to China's ongoing economic recovery
Trading Strategy and Key Levels for Silver
The commodity is trading above short-term (34 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart. The near-term support is around $33.30 and any violation below will drag the commodity to $32.70/$31.80/$31.25/$31/$30/$29.60/$29/$28.40. The immediate resistance is at $34.20 any breach above targets $35/$36.
It is good to buy on dips in the $33.58-60 with a stop-loss at $32.70 for a TP of $35/$36.
