Silver movements during the current period

Silver at the basic level

Silver prices have stabilized at a low level affected by the strength of the dollar, as silver prices are hovering around 36.50 dollars per ounce on Friday, and are on their way to record a weekly loss of about 4%, influenced by the strength of the US dollar for the third consecutive week of declines.

The dollar's strength was strengthened by renewed trade tensions after President Donald Trump reaffirmed the imposition of global tariffs of 10% and imposed reciprocal duties of up to 41% on countries that have not concluded final trade agreements.

Core PCE prices, the Fed's preferred inflation gauge, rose 0.3% in June and 2.8% year-on-year, further clouding expectations of a possible rate cut in September.

Investors also remain cautious ahead of the July US jobs report, which is expected to guide the Fed's next policy move.

Trump also renewed his criticism of Fed Chairman Jerome Powell for postponing interest rate cuts.

Silver at the technical level

This week, silver was able to break the rising wedge levels, the support levels of 37.30 were also broken and close below the daily candle, therefore, silver is a candidate for further pullbacks towards the levels of 3590 as an initial target and then the levels of 34.60 dollars.

As we mentioned in the weekly analysis video from here.

Any rise with jobs data near the levels of 37.30 to 37.70 will be opportunities to sell silver during next week's trading.

So caution was needed with the release of strong data today.