- Silver hovers near $32.70 as markets await the US NFP data for February.
- US employment figures will shape expectations for the Fed’s monetary policy.
- Silver prices find support amid ongoing global trade tensions.
Silver (XAG/USD) faces selling pressure near $32.70 in Friday’s European session as traders await the US Nonfarm Payrolls (NFP) data for February, set for release at 13:30 GMT.
The NFP report is expected to show a job gain of 160K, higher than January’s 143K, with the Unemployment Rate holding steady at 4%. Strong labor data could reinforce expectations that the Federal Reserve (Fed) will maintain interest rates at 4.25%-4.50% for an extended period, pressuring Silver, while weaker figures could boost its appeal.
Ahead of the report, the US Dollar Index (DXY) hits a four-month low near 103.60, and 10-year US Treasury yields dip to 4.27%. Meanwhile, global trade tensions provide Silver some support, as US President Donald Trump confirmed tariff exemptions on USMCA-compliant imports until April 2, after imposing 25% tariffs on Canada and Mexico earlier in the week.
Silver Technical Analysis:
Silver hovers around key resistance at $32.40, aligned with the December 12 high.
The metal trades above the 20-day Exponential Moving Average (EMA) at $32.00, signaling a bullish near-term trend.
The 14-day Relative Strength Index (RSI) remains within the 40-60 range, indicating a neutral stance.
Silver daily chart
Key support lies at the upward trendline from the August 8 low of $26.45, around $30.00, while resistance is seen at the February 14 high of $33.40.
