Silver (XAG/USD) price fell near $30.90 during the early European trading hours on Monday (03/1). Growing fears of a global trade war following US President Donald Trump's massive tariff measures boosted the US Dollar (USD) across the board and exerted selling pressure on the white metal.
According to the 4-hour chart, the bullish outlook for the white metal remains intact, with the price holding above the key 100-period Exponential Moving Average (EMA). However, the Relative Strength Index (RSI) is hovering around the midline, suggesting that further consolidation cannot be ruled out.
The first downside target is located at $30.60, the 100-period EMA. Further down, the next level of contention to watch is $30.40, the lower boundary of the Bollinger Band. Continued losses would open the way to the psychological level of $30.00, en route to $29.50, the low of January 13.
In the bullish case, the immediate resistance level appears at $31.72, the high of January 31. The next hurdle is seen in the region of $31.90-$32.00, which represents the upper limit of the Bollinger Band and the round mark.
Source: FXstreet
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