Quick overview

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Silver dropped back from Friday’s all-time high of $54 to $52.  The 20-day Exponential Moving Average (EMA), which is trading at about $49.34, is sloping higher, though, and the short-term trend is still bullish. It indicates that there is still a lot of bullish momentum when the 14-day Relative Strength Index (RSI) stays above 60.

The 20-day EMA would continue to be a crucial support when looking down the record high of $54–50 could serve as a significant obstacle on the plus side.

President Donald Trump has stated his confidence that Washington and Beijing will agree to his meeting with Chinese leader Xi Jinping later this month, which has reduced tensions in the US-China trade relationship.

Vice Premier He Lifeng, China’s top negotiator, and US Treasury Secretary Scott Bessent are set to meet in Malaysia later this week ahead of the Trump-Xi meeting.

Both are anticipated to talk about the recent announcements by Beijing to lift export restrictions on rare earth minerals and Washington’s decision to impose additional 100% tariffs on Chinese imports. Growing expectations that the federal government will reopen this week are another factor contributing to the downside in silver.   White House economic adviser Kevin Hassett said the shutdown is “likely to end sometime this week.