Silver experienced a notable pullback in early trading on Thursday, as it lost positive momentum. The SMA 9 indicator provides negative signals, where the price is hovering below it on the 4-hour chart.

Scenario 1:

In the meantime, silver is trading near the bullish trendline, noting that a clear stability above it could confirm the continuation of the uptrend, with potential extensions toward resistance levels of $33.15 then $33.55.

Scenario 2:

A breakdown below the ascending trendline may signal weakness, opening the door for a downside move toward $33.40. A confirmed settlement below the aforesaid level may halt the ongoing bullish momentum and set the stage for a near-term corrective decline.

Tariffs in Focus:

The main focus is expected to remain on the latest updates about U.S. tariffs, as the trade tensions between the U.S. and China escalates.