Although the first concerns about rates are relaxed, the uncertainty remains. President Trump announced a temporary 30-day break for new rates for Mexican and Canadian goods, but China has taken a revenge with a 15% duty on the American liquid natural gas and other imports, in force of 10 February. Any further escalation in commercial tensions can be safeguarded -harbor demand for gold and silver.
In the meantime, traders are also closely monitoring of the federal reserve exam officers, including Governor Christopher Waller and San Francisco Fed President Mary Daly. All ragged signals from the FED can add sales pressure to precious metals, while Dovish can support comments.
Short -term front views: Silver faces Resistance, but bias remains positive
Silver remains on an upward trend, but resistance at $ 32.55 keeps profit under control. The market seems to be waiting for the next large catalyst, where the NFP report will probably determine the next step on Friday.
If silver breaks above $ 32.55, a movement to $ 34.87 becomes increasingly likely. However, if sales pressure increases, traders must view $ 31.81 and $ 31.12 as important support zones. With global uncertainty still in the game and gold consolidation near record highs, the prospects of Silver Bullish remains, but short -term volatility is expected.
More information in our economic calendar.