Silver Recovers to $30
Silver prices moved to the $30.7 area this afternoon, after dropping to the $29 level after the US Presidential election.
Technical indicators on the daily chart are holding in the negative territory and are still far from the oversold zone. Hence, any further upward movement is likely to face stiff resistance and remain capped near the $31.00 round figure.
Concerns about escalating geopolitical tensions, along with a weaker US Dollar (USD), turned out to be the key factors that acted as a boost for the precious metal which has become a safe haven. However, expectations of a less dovish Federal Reserve (Fed) limited the upside of the yellow metal which did not produce any unbalanced results.
Recommendations:
- Buy if the minimum price moves at the level of $30,863
- Sell if the minimum price is around the level of $30,583
Resistance Level 2: $31,053
Resistance Level 1: $30,863
Support Level 1: $30,583
Support Level 2: $30,393
DISCLAIMER
Note: This article is only an analysis, not a definite reference. Keep an eye on the development of fundamental and technical aspects in transactions before making investment decisions.
Source: newsmaker.id
