Silver Recovers Losses After Sharp Drop
Silver (XAG/USD) prices bounced around the $30.40 level on Tuesday, after falling sharply in the previous session. The white metal gained ground temporarily as the US Dollar (USD) weakened. However, its outlook has weakened as its safe-haven demand has weakened due to a potential de-escalation in the war between Israel and Iran.
Israeli Ambassador Mike Herzog told on Israeli Army Radio that a ceasefire deal to end fighting between Israel and Lebanon-based Hezbollah fighters could be reached “within days”, AlJazeera reported.
Potential truce talks have diminished safe-haven demand for precious metals, such as Silver. However, the overall safe-haven appeal has not been extinguished as the war between Russia and Ukraine remains intact.
Meanwhile, an upside-down move in the US Dollar (USD) has resulted in a slight recovery in the Silver price. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, surrenders gains after a strong opening and drops to near 107.00.
RECOMMENDATIONS
- Buy if the price moves at least $30,619
- Sell if the price moves at least $30,319
Resistance Level 2: $30,989
Resistance Level 1: $30,794
Support Level 1: $30,144
Support Level 2: $29,949
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
