Silver Up, Set for Weekly Decline
Silver traded at $29,091, up slightly from its morning high of $28,931. Silver is set for a weekly decline after plunging from $31 on Dec. 12 on uncertainty over Chinese industrial demand and a weaker currency for major silver exporters. It was the worst week for silver since December 2023.
Concerns about demand remain over the Federal Reserve’s projection of fewer interest rate cuts next year and the risk of higher inflation from the prospect of expansionary fiscal policy and tariffs from the incoming Trump administration.
RECOMMENDATION
- Buy if price moves to at least $29,231
- Sell if price moves to at least around $28,951
Resistance Level 2: $29,471
Resistance Level 1: $29,271
Support Level 1: $28,911
Support Level 2: $28,711
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in the transaction before making an investment decision.
Source: Newsmaker.id