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The U.S. economy added 143,000 jobs in January—slightly below expectations—while the unemployment rate unexpectedly dropped to 4.0%, signaling labor market resilience.
Federal Reserve officials, including Neel Kashkari and Austan Goolsbee, have expressed concerns about policy uncertainty, making it difficult to predict inflation trends. Traders are closely watching Fed Chair Jerome Powell’s upcoming congressional testimony and key U.S. inflation data to gauge the central bank’s next moves.
Silver Extends Gains but Faces Resistance from USD Strength
Silver (XAG/USD) followed gold’s lead, rising to an intra-day high of $32.08 before settling at $32.04. The bullish momentum in silver mirrors gold’s price action, driven by renewed trade war fears and concerns over inflationary pressures stemming from Trump’s tariff policies.
While safe-haven demand has lifted silver prices, the metal faces headwinds from a strengthening U.S. dollar. A firm greenback typically limits gains for commodities priced in USD, making them more expensive for foreign investors.
Traders are also monitoring industrial demand for silver, particularly in the electronics and solar energy sectors, which could further influence price movements.
Short-Term Forecast
Gold prices (XAU/USD) remain bullish above $2,859.59, with resistance at $2,886.95. A breakout could push prices higher, while a drop below support may trigger selling. Silver (XAG/USD) consolidates above $31.89, eyeing $32.53.
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