Key Moments
- Silver (XAG/USD) trades near $78.70 in a narrow range as markets await timing details on a second round of US-Iran talks.
- US President Donald Trump says a deal with Iran is “very close” and that Iran has “agreed to almost everything.”
- Pressure on the US Dollar and firmer dovish Federal Reserve expectations are supporting the broader backdrop for non-yielding assets like Silver.
Calm Trade in Silver as Markets Monitor US-Iran Developments
Silver prices (XAG/USD) are trading with little direction around $78.70 during the European session on Friday, with the metal locked in a sideways pattern as investors wait for clarity on when the United States and Iran will reconvene for a second round of talks.
Authorities in Washington have indicated that negotiations between the US and Iran will restart soon, after the latest round ended without a resolution, and before the two-week ceasefire expires on April 21.
US President Donald Trump has signaled optimism on the prospects for a deal, stating that an agreement is “very close” and that Iran has “agreed to almost everything.” He added that Iran now appears more “willing to do things today than they previously weren’t,” including relinquishing nuclear ambitions and surrendering enriched uranium.
Expectations of a lasting truce between the US and Iran are helping to weigh on the US Dollar (USD), creating a more favorable risk-reward backdrop for Silver prices.
US Dollar, Oil and Fed Expectations Underpin the Macro Backdrop
The US Dollar Index (DXY), which tracks the performance of the Greenback against a basket of six major currencies, appears on track to close in negative territory for a second consecutive week. Optimism around the US-Iran situation has restrained oil prices, which in turn has anchored inflation expectations and allowed traders to increase dovish Federal Reserve (Fed) bets.
Theoretically, a more dovish Fed outlook tends to support non-yielding assets such as Silver.
Silver Technical Overview
At the time of writing, XAG/USD is trading broadly flat near $78.68. The short-term outlook appears neutral, with the price holding close to the flattening 20-period Exponential Moving Average (EMA) at $76.35.
The upward-sloping boundary of an Ascending Triangle pattern, drawn from $60.86 and last observed around $75.97, is helping to maintain underlying buying interest following the latest pullback.
The Relative Strength Index (RSI) continues to fluctuate within the 40.00-60.00 band, signaling ongoing indecision among market participants.
| Level | Description | Price |
|---|---|---|
| Spot price | Current XAG/USD level | $78.68 – $78.70 |
| Initial resistance | Horizontal border of Ascending Triangle (reference break level) | $80.76 |
| Next resistance | March 13 high | $85.46 |
| Immediate support | 20-period EMA | $76.35 |
| Trend-line support | Rising boundary of Ascending Triangle | $75.97 |
| Triangle origin | Starting point of Ascending Triangle formation | $60.86 |
On the upside, the first notable resistance is located near the horizontal boundary of the triangle, with a reference break level at $80.76. A daily close above that zone would open the door to a continued recovery, targeting the March 13 peak at $85.46.
On the downside, immediate support is aligned with the 20-period EMA at $76.35, followed by the rising trend-line area around $75.97. A break below these levels would undermine the current constructive setup and could trigger a deeper corrective move within the broader uptrend.
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