Silver Price Forecast: XAG/USD slumps to near $34.00 on some profit-taking 

• Silver price attracts some sellers to near $34.15 in Tuesday's Asian session, down 1.70% on the day. 
• US duties on imported steel and aluminum are set to double to 50% starting on Wednesday. 
• The US May Nonfarm Payrolls will be closely watched later on Friday. 

The Silver price (XAG/USD) faces some selling pressure to around $34.15 after retreating from a nearly seven-month high during the Asian trading hours on Tuesday. The white metal loses ground due to some profit-taking amid easing trade tensions. 

A generally positive tone around the equity markets weighs on the safe-haven assets, including the white metal, in the near term. US President Donald Trump planned to double import tariffs on steel and aluminum, starting on Wednesday. On the same day, the Trump administration asked its trade partners to submit their best offers in order to finalize deals before July 8. However, the potential downside for XAG/USD might be limited amid tariff and economic uncertainty.

The Greenback edges lower after data showed US manufacturing contracted for a third month in May. This, in turn, might help limit the USD-denominated commodity price's losses. The US Manufacturing Purchasing Managers Index (PMI) declined to 48.5 in May versus 48.7 prior, the Institute for Supply Management (ISM) revealed on Monday. This figure came in below the market consensus of 49.5. 

Traders will closely monitor the release of the US employment report for May later on Friday. This report could offer some hints about the US economy and interest rate path. The US Nonfarm Payrolls (NFP) is expected to show job growth of 130K in May, while the Unemployment Rate is projected to remain steady at 4.2% in the same report period. If the data shows a stronger-than-expected outcome, this could boost the Greenback and undermine the white metal.