Silver Declines as Trump’s Tariff Threats Shake Markets

Silver fell to $30 per ounce on Wednesday, extending losses as the dollar rebounded amid Trump’s escalating tariff threats. Trump announced tariffs on chips, pharmaceuticals, steel, aluminum, and copper to boost domestic production. Traders remained cautious ahead of the February 1 tariff deadline for China, Mexico, and Canada.

Meanwhile, the Fed is expected to keep rates unchanged this week. In China, overcapacity in the solar panel industry led firms to adopt a government-led self-discipline program, potentially limiting silver demand.

Technically, the first resistance level will be 31.00 level. In case of this level’s breach, the next levels to watch would be 31.80 and 32.50 consequently. On the downside 29.85 will be the first support level. 28.80 and 28.50 are the next levels to monitor if the first support level is breached.