Silver Continues Decline!
Silver prices held around $31.20 an ounce on Friday and are set to fall nearly 4% for the week, pressured by demand uncertainty, strong supply and some profit-taking.
A stronger dollar also weighed on silver prices after U.S. President Donald Trump confirmed Thursday that his proposed 25% tariffs on Mexico and Canada would go into effect on March 4, along with an additional 10% duty on imports from China.
Hecla Mining Company, the largest U.S. silver producer, reported a 13% increase in silver production for 2024, mining 16.2 million ounces (moz), marking the second-highest production level in its 134-year history. On the demand side, US silver coin purchases fell 27% year-on-year in January to 3.5 moz, the lowest January demand level since 2018
RECOMMENDATION
- Buy if price moves to $31,433
- Sell if price moves to $30,833
Resistance Level 2: $32,033
Resistance Level 1: $31,733
Support Level 1: $30,533
Support Level 2: $30,233
Note:
This article is only an analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
