Silver futures: $35.05/ounce

Spot silver price: $34.39/ounce

On March 31, silver price continued to fluctuate upward, rising 0.77% in a single day. Although global stock markets are generally under pressure, silver benefits from the support of safe-haven demand, and the technical strength continues. The three major U.S. stock indexes fell again, with the Dow Jones Industrial Average falling more than 700 points, but the U.S. dollar index fell back to 103.55. In addition, the Asian economic data is still good, which is generally good for the precious metals market.

 China’s March PMI data is good for the medium-term trend of silver, strengthening the market’s expectations for the recovery of industrial demand for silver, and providing fundamental support for the current silver bull sentiment.

Technical Analysis

1. Silver’s 14-day relative strength index RSI rose to 64.3, approaching the overbought area, reflecting that bullish momentum has not yet been exhausted.
2. MACD is 0.025, maintaining an upward momentum column.
3. Short-term support is at $34.26. If it falls below this position, it may further fall to the $34.00 area. The upper resistance is at $34.70. If it breaks through, it is expected to hit the $35.00 integer mark.

The moving averages are in a bullish arrangement, and both short-term and long-term moving averages form buy signals. The trend is stable and the buying is strong.

In the long run, the silver price is on the rise. The rise in silver prices will lead to an increase in the cost of the electrical industry for electrical contacts. SHZHJ recommends placing orders as soon as possible. Please send inquiries to: info@shzhj.com