Silver Down in Mid-U.S. Trading
Silver prices eased in mid-U.S. trading on Thursday, but remained above $31 an ounce as traders bet the U.S. Federal Reserve will cut interest rates again this month.
The probability of a 25-basis-point rate cut in December jumped to about 79%, up from 66.5% last week. The expectations grew after data showed U.S. service sector growth slowed more than anticipated in November, even as Fed Chair Jerome Powell signaled the central bank was in no rush to cut rates, citing strong growth, a robust labor market and persistent inflation pressures.
RECOMMENDATIONS
- Buy if price moves to at least $31,233
- Sell if price moves to at least $30,933
Resistance Level 2: $31,598
Resistance Level 1: $31,408
Support Level 1: $30,758
Support Level 2: $30,568
DISCLAIMER
Note: This article is only an analysis and is not a definitive reference. Pay attention to the developments in fundamental and technical aspects of trading before making investment decisions.
Source: newsmaker
