Silver Drops Back Below $31.00
Silver extended losses on Friday, weighed down by demand uncertainty, strong supply and a strong dollar. Investors also weighed the latest PCE report, which showed U.S. PCE prices rose 0.3% month-on-month and 2.5% year-on-year, while consumer spending unexpectedly fell 0.2% and income jumped 0.9%.
Adding to market concerns, President Donald Trump confirmed that his proposed 25% tariffs on Mexican and Canadian goods will go into effect on March 4, along with an additional 10% duty on Chinese imports.
- Buy if price moves to $31,248
- Sell if price moves to $30,648
Resistance Level 2: $31,848
Resistance Level 1: $31,548
Support Level 1: $30,348
Support Level 2: $30,048
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