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Although initial concerns over tariffs have eased, uncertainty remains. President Trump announced a temporary 30-day pause on new tariffs for Mexican and Canadian goods, but China has retaliated with a 15% duty on U.S. liquefied natural gas and other imports, effective February 10. Any further escalation in trade tensions could drive renewed safe-haven demand for gold and silver.
Meanwhile, traders are also closely monitoring comments from Federal Reserve officials, including Governor Christopher Waller and San Francisco Fed President Mary Daly. Any hawkish signals from the Fed could add selling pressure to precious metals, while dovish remarks may provide support.
Short-Term Outlook: Silver Faces Resistance, but Bias Remains Positive
Silver remains in an uptrend, but resistance at $32.55 is keeping gains in check. The market appears to be waiting for the next major catalyst, with Friday’s NFP report likely to determine the next move.
If silver breaks above $32.55, a move toward $34.87 becomes increasingly likely. However, if selling pressure intensifies, traders should watch $31.81 and $31.12 as key support zones. With global uncertainty still in play and gold consolidating near record highs, silver’s outlook remains bullish, but short-term volatility is expected.
More Information in our Economic Calendar.
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