Silver prices rallied again to near one-month highs as the latest US
Silver prices rallied again to near one-month highs as the latest US inflation data met expectations, strengthening the case for a Federal Reserve rate cut. The market is now pricing in a near 100% chance of a 25 basis point cut at the Fed’s meeting next week. In addition, sentiment was boosted by hopes that Beijing will announce more stimulus measures after a key political meeting. Chinese leaders begin a closed-door Central Economic Work Conference on Wednesday, where they will set economic targets and outline stimulus plans for 2025. Earlier this week, the Politburo committed to a “moderately loose” monetary policy stance and a “more proactive fiscal approach in the coming year.
As of this writing Silver is at $32,155
RECOMMENDATION
- Buy if price moves to at least $32,005
- Sell if price moves to at least around $32,305
Resistance Level 2: $32,445
Resistance Level 1: $32,305
Support Level 1: $32,005
Support Level 2: $31,855
DISCLAIMER
Note: This article is only an analysis and not a definitive reference, Pay attention to developments in fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id
