Silver Rises Amid Doovish Fed Expectations
Silver prices rose to trade near $31 an ounce on Tuesday, hitting a one-week high as dovish comments from Federal Reserve officials prompted traders to increase their bets on an interest rate cut this month.
The market is now pricing in a 75% chance that the Fed will cut rates by 25 basis points at its December meeting, up from 59% a week ago.
Silver and other precious metals are also getting a boost from ongoing geopolitical tensions in the Middle East, as the Israeli military targeted dozens of Hezbollah positions across Lebanon on Monday.
Silver is currently up 1.5% at $30.974/Toz.
RECOMMENDATION
- Buy if price moves at least to $31,044
- Sell if price moves at least around $30,834
Resistance Level 2: $31,254
Resistance Level 1: $31,184
Support Level 1: $30,694
Support Level 2: $30,554
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in trading before making an investment decision.
Source: newsmaker
