Today, Monday, April 28th, during the Asian trading session, spot silver is currently trading below the 32.75 level. It opened today at $33.06 per ounce, and as of this writing, spot silver is trading at $32.77 per ounce, down 0.95%, having touched a high of $33.11 per ounce and a low of $32.74 per ounce. From the current outlook, spot silver is biased towards a short-term bearish movement.

Japan Considers Increasing Purchases of US Agricultural Products, Spot Silver Pulls Back to Consolidate

Key News

According to reports, Japanese negotiator and Minister of State for Economic Revitalization, Akimasa Chikasawa, will visit the United States from April 30th to May 2nd to participate in the second round of Japan-US tariff negotiations. Mr. Chikasawa stated that the Japanese government will continue to sort out leverage that can be used in negotiations with the United States. Currently mentioned options include easing automobile safety standards and expanding the zero-tariff import quota for rice.

In addition, Japan is also considering increasing its imports of US corn and soybeans. According to Japanese media reports, the United States is Japan's largest source of corn imports, accounting for nearly 80% in 2024. Japan hopes to demonstrate its willingness to cooperate by expanding corn and soybean imports.

Latest Spot Silver Market Analysis

Silver prices rose and then fell back last week, forming a large upper shadow bearish shooting star pattern, indicating a risk of further decline this week and in the future. However, given that the Bollinger Bands continue to extend upwards and the 5-week and 10-week moving averages are arranged upwards, maintaining an upward rebound trend, if there is another pullback, one can continue to wait for a retracement to the support of the 5/10-week moving averages to look for another upward climb.