Silver retreats from a key level as focus turns to US-Iran talks and the NFP report

Silver has pulled back to the key swing level around 92.00 in light of renewed tariff uncertainties and military escalations risks involving the US and Iran. The bullish momentum from Friday’s US Supreme Court decision appears to be fading, and recent tariffs imposed by Trump under different regulations maintain the existing tariff agreements. While the new tariffs slightly lower the effective average tariff, it may not suffice to trigger a rally back to all-time highs. Risks still loom from potential military escalations between the US and Iran, which could impact silver prices significantly, alongside a hawkish adjustment based on stronger US data. Technically, the daily chart shows a retreat back to the 92.15 level, where sellers are likely to step in before targeting major trendline support at around 60.00. A break above this level could attract renewed bullish sentiment. However, a break below supporting trendlines could extend declines towards 80.00, warranting close monitoring especially given upcoming economic data and geopolitical developments.