Weekly Special Report: SILVER

GEOPOLITICS: MIDDLE EAST WAR

• CEASEFIRE HOLDS WITHOUT A CLEAR TIMELINE: While Donald Trump has announced an indefinite extension of the ceasefire, officials caution that the arrangement is not open-ended. The United States has signaled it will only engage in negotiations if Iran’s nuclear program is the primary focus, while Tehran has maintained it will not enter talks unless the U.S. naval blockade is lifted.
• ACTION ON THE WATERS: Tensions in the Strait of Hormuz remain elevated, with Iranian oil shipments effectively halted as tankers are stopped and ordered to turn around, reportedly in up to 38 instances. Maritime access remains heavily restricted, while Iran continues targeting commercial shipping, with total tanker attacks rising to around 28. The result is a severely disrupted corridor, keeping energy markets highly sensitive to further escalation.

Source: Reuters

EVENTS:

• WEDNESDAY, APRIL 29 AT 19:00 GMT+1: FED INTEREST RATE DECISION. The Fed is expected to keep rates unchanged at 3.75%, with markets closely watching the statement and press conference for signals on the future policy path. Any shift toward a more cautious or dovish stance could support silver.
• THURSDAY, APRIL 30 AT 13:30 GMT+1: U.S. GROSS DOMESTIC PRODUCT (GDP) (Q1). This release provides a broad measure of economic activity. Signs of slowing growth could strengthen expectations of monetary easing, supporting silver.
• FRIDAY, MAY 1 AT 15:00 GMT+1: ISM MANUFACTURING PURCHASING MANAGERS INDEX (PMI) (APRIL). The most closely watched indicator of U.S. manufacturing activity. It provides insight into economic momentum, with particular focus on new orders, production, and employment. A weaker reading could reinforce expectations of slower growth and potential monetary easing, supporting silver.

SILVER MARKET: HIGHER DEMAND AMID SUPPLY SHORTAGES LEADS TO A WIDENING DEFICIT

• MARKET DEFICIT: SILVER MARKET REMAINS IN DEFICIT SINCE AT LEAST 2016. The silver market faced a deficit of around 300 million ounces in 2025, according to recent reports from The Silver Institute. While the market has been in deficit since 2016, the gap has grown significantly since 2022.
• SUPPLY CONSTRAINTS: SILVER PRODUCTION REMAINS AROUND 800 MILLION OUNCES PER YEAR. Annual production has held near 800 million ounces, remaining largely unchanged since 2016. There is no clear indication that output will be meaningfully higher in 2026 or the following years.
• DEMAND REMAINS STRONG: SOLAR PANELS, ELECTRIC VEHICLES, AND A.I. INFRASTRUCTURE. Silver demand could increase during 2026 and beyond due to rising demand from solar production, electric vehicles, and rapidly expanding A.I. data center infrastructure.

TECHNICAL ANALYSIS AND PRICE ACTION

• SUPPORT AREA: $65 - $60. After the most recent downward price correction, silver prices continued to find support in the $65 - $60 range.
• SILVER PRICE HIT A NEW ALL-TIME HIGH ON JANUARY 29, 2026 ($121.49). Silver currently trades around $72, and if it fully recovers to its previous all-time high, it could see an upside of around 68%. However, the price could also decline.
• FORECAST: Citigroup forecasts $150; Bank of America $135.

GRAPH (Daily): October 2025 – April 2026

Please note that past performance does not guarantee future results

SILVER, April 29, 2026
Current Price:  72

Example of calculation based on weekly market trend for 1.00 Lot¹

1.  The above calculations are made based on 1.00 lot which is equivalent of 10,000 units
2.  Calculations for exchange rate used as of 11:00 (GMT+1) 29/04/2026

You can use risk management tools such as Stop-Loss and Take-Profit.