Silver Down After Trump’s Reciprocal Tariff Plan
Silver prices fell on Thursday (03/4), The price of the white metal became vulnerable after United States (US) President Donald Trump revealed a detailed reciprocal tariff plan for his trading partners.
The “Buy the Rumor and Sell the News” indicator forced traders to trigger the sell button for Silver prices. The metal had previously performed strongly, along with Gold, from the past few months as investors became increasingly convinced that Trump’s tariffs would be inflationary and weigh on economic growth globally, including in the US. Technically, the appeal of Silver prices increases if investors anticipate increasing global economic tensions.
RECOMMENDATION
- Buy if price moves to $32,188
- Sell if price moves to $31,588
Resistance Level 2: $32,788
Resistance Level 1: $32,488
Support Level 1: $31,288
Support Level 2: $30,988
Note:
This article is only an analysis and not a definitive reference. Pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id