Silver Prices Tumble: Tariff Announcement Triggers Market Volatility
Silver's Nosedive After Tariff News
Trend line support- $31.95 (trend line joining $28.79 and $30.81)
Silver crashed more than 7% after the Tariff announcement. It hit an intraday low of $31.40 and is currently trading around $31.65.
Silver prices declined following President Trump's announcement of new tariffs, dropping over 5% on April 3, 2025, and settling into a one-week low below $33.50 an ounce as the wider commodities market responded to increased economic uncertainty. Despite this decline, silver has still risen 13.35% to 14.93% year-to-date, and analysts like Robert Kiyosaki predict prices to double in 2025 due to strong demand and continued market shortage driven by record industrial consumption. The gold/silver ratio climbed to 95.50, reflecting silver's relative weakness compared to gold.
Trading Strategy and Key Levels for Silver
The commodity is trading below short term (34 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart. The near-term support is around $31.25 and any violation below will drag the commodity to $30.75/$30/$29.60/$29/$28.40. The immediate resistance is at $32.60 any breach above targets $33/$35/$36.
It is good to sell on rallies around $32 with a stop-loss at $32.60 for a TP of $30/$28.40.
