Silver Continues to Gain Strength on Increased Safe-Haven Demand
Silver (XAG/USD) prices continued to rally near $29.80 during the European session on Friday. The white metal gained strength on increased safe-haven demand amid rising geopolitical tensions. According to a report from Axios, US President Joe Biden discussed the possibility of an attack on Iran’s nuclear facilities with his national security team, with President-elect Donald Trump weeks away from taking office.
Axios reported that White House National Security Advisor Jake Sullivan presented President Biden with several options for a possible US strike on Iran’s nuclear sites. Historically, demand for safe-haven assets, such as Silver, increases as geopolitical uncertainty increases.
Until this News Release, Silver Price is at Level $ 29,715
RECOMMENDATION
- Buy if the price moves to around $ 29,565
- Sell if the price moves to around $ 29,865
Resistance Level 2: $ 30,015
Resistance Level 1: $ 29,865
Support Level 1: $ 29,565
Support Level 2: $ 29,415
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in the transaction before making an investment decision.
Source: Newsmaker.id