Silver Prices Drop 2% Amid Profit Taking
Silver prices dropped 2% on Monday, slipping below a level at $30.29. Profit-taking after last week’s strong rally is weighing on silver, which posted its best weekly gain in nearly two years.
Meanwhile, Scott Bessent’s nomination as Treasury Secretary has reduced safe-haven demand. Bessent, a seasoned Wall Street figure, is seen as pro-business and less likely to pursue aggressive trade policies, easing fears of economic instability.
Bessent’s appointment has also bolstered equity markets, lowered bond yields, and weakened the dollar. Yields on 10-year Treasuries dipped to 4.343% from 4.412%, while the dollar index fell 0.8% to 107.22. However, Bessent’s preference for a strong dollar and gradual tariffs suggests the currency’s retreat may be short-lived.
RECOMMENDATIONS
- Buy if the price moves at least at $30.354
- Sell if the price moves at least around $30.054
Resistance Level 2: $30.719
Resistance Level 1: $30.529
Support Level 1: $29.879
Support Level 2: $29.699
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
