Silver Prices Fall After Safe-Haven Demand Eases
Silver prices dropped 1% to around $30.70 per ounce on Monday, giving back gains from the previous week and following a decline in gold prices as safe-haven demand for precious metals waned.
The pullback came after US President-elect Donald Trump nominated hedge fund manager Scott Bessent as Treasury Secretary, reducing some market uncertainty. Bessent has signaled his support for Trump’s tariff and tax cut plans, but markets expect him to prioritize economic and market stability over implementing sudden policy changes.
Additionally, media reports indicated that Israel and Hezbollah, based in Lebanon, are nearing a ceasefire agreement, which could ease geopolitical tensions in the Middle East, further reducing the appeal of safe-haven assets.
RECOMMENDATIONS
- Buy if the price moves at least at $30.935
- Sell if the price moves at least around $30.635
Resistance Level 2: $31.305
Resistance Level 1: $31.110
Support Level 1: $30.460
Support Level 2: $30.270
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Always pay attention to developments in fundamental and technical aspects in transactions before making investment decisions.
Source : newsmaker.id