Silver Holds Gains After China Inflation Data
Silver (XAG/USD) strengthened in the European session on Monday above $31.20 troy ounce. The metal is supported by its dual role as an industrial metal and a precious metal as a safe haven asset.
The latest economic data from China provided mixed signals, with the Consumer Price Index (CPI) posting its smallest increase in five months while the Producer Price Index (PPI) showed signs of improvement.
These indicators point to moderate stability in China, the world’s largest silver consumer, which provides additional support for the metal.
RECOMMENDATION
- Buy if price moves at least to $31,537
- Sell if price moves at least around $30,237
Resistance Level 2: $31,902
Resistance Level 1: $31,712
Support Level 1: $31,062
Support Level 2: $30,872
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 investment decisions.
Source: newsmaker.id