During the Asian session on Monday, May 11, Silver TD is trading above the 19,751 yuan per kilogram level. Opening at 19,900 yuan per kilogram today, Silver TD is currently quoted at 19,830 yuan per kilogram as of writing, up 0.06%. The session high reached 20,085 yuan per kilogram, while the low touched 19,550 yuan per kilogram. Currently, Silver TD shows a short-term bullish bias intraday.
In a televised interview aired on Sunday, Israeli Prime Minister Benjamin Netanyahu stated his hope to end Israel's dependence on U.S. military assistance within the next decade, while Israel is also working to strengthen ties with Gulf nations. Netanyahu remarked that now is "absolutely" the right time to reassess the financial relationship between the U.S. and Israel. He told CBS that he does not want to wait until the next Congress and wishes to start the process immediately.
Bipartisan support for military aid to Israel has long been a consensus in the U.S. Congress, but since the outbreak of the Gaza war in October 2023, support among lawmakers and the public has somewhat waned. According to a Pew Research Center survey conducted in March this year, 60% of U.S. adults hold a negative view of Israel, and 59% have little to no confidence in Netanyahu making the right decisions regarding world affairs.
Netanyahu attributed the decline in U.S. domestic support for Israel to being "almost 100% correlated" with the exponential growth of social media. He noted that several unnamed countries have, in certain ways, "largely manipulated social media," causing "significant harm to us," though he personally does not believe in censorship. Netanyahu made it clear that he expects U.S.-Israel military cooperation to expand in the coming years.
On the weekly chart, Silver TD ended a two-week losing streak last week, with prices rebounding continuously from lower levels to close with a long bullish candle. Today, due to the breakdown of U.S.-Iran talks and renewed geopolitical tensions, safe-haven sentiment for silver has been reignited, leading to range-bound trading. Prices have once again approached the 20,000 yuan per kilogram level but struggle to hold above it. The one-hour MACD shows green bars, indicating that upward momentum is weakening. Meanwhile, the trendline is tilting downward, suggesting a potential pullback signal in the market. However, the trendline remains above the zero line, indicating that the short-term trend has not fundamentally reversed.
The Relative Strength Index (RSI) on the one-hour chart has retreated to neutral levels, reflecting current market caution. The Directional Movement (DM) indicator shows a prevailing downtrend, but multiple intersections of the trendlines suggest a lack of clear direction at present. The Bollinger Bands are tightening with an upward opening, indicating weakened momentum. For Silver TD, support is seen at 19,000-19,500 yuan per kilogram, while resistance is observed at 20,000-25,000 yuan per kilogram.
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