Silver prices inched higher above $31
Silver prices inched higher on Monday, recovering from last week’s steep sell-off as the U.S. dollar’s rally paused. The market remains range-bound, with traders analyzing critical levels and upcoming macroeconomic developments to gauge the next move.
Silver’s significant losses last week were largely tied to a stronger dollar, fueled by reduced expectations for aggressive Federal Reserve rate cuts. The dollar index gained 1.6% but has now stabilized below its one-year high. This pause has eased some of the pressure on silver prices, as a weaker dollar makes the metal more accessible to international buyers.
This week, attention turns to Fed policymakers, with seven officials set to deliver speeches. Investors indicate a 60% chance of a December rate cut, though inflation concerns and rising Treasury yields may lead the Fed to adopt a more cautious stance.
Recommendations:
- Buy if the minimum price moves at the level of $31,316
- Sell if the minimum price is around the level of $31,021
Resistance Level 2: $31,706
Resistance Level 1: $31,511
Support Level 1: $30,826
Support Level 2: $30,631
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
