Silver Holds Downside in Asia
Silver prices held steady around $28.9 this morning after retreating from the $31 level reached on December 12 after a key US inflation report supported expectations of a Federal Reserve rate cut.
The projection of fewer rate cuts for next year by the Federal Reserve and the risk of rising inflation from the prospect of expansionary fiscal policy and tariffs from the incoming Trump administration have raised concerns about poor demand for silver. Overcapacity in China’s solar panel industry has prompted photovoltaic companies to sign up for a government self-discipline program that could regulate supply, curbing the demand outlook for the silver input.
RECOMMENDATION
- Buy if price moves to at least $29,071
- Sell if price moves to at least around $28,791
Resistance Level 2: $29,321
Resistance Level 1: $29,121
Support Level 1: $28,921
Support Level 2: $28,721
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id