Silver Still Sluggish to Start Asian Session
Silver (XAG/USD) prices traded below $29 per troy ounce on Tuesday (12/31), this is the lowest level since September, amid an aggressive Fed outlook and uncertain demand for silver's industrial utilities.
Inflation concerns prompted the FOMC to project fewer interest rate cuts for the coming year, prompting the market to cut its exposure to non-yielding bullion assets.
While previous rate cuts by the Fed supported bullion enough to lift silver prices by 23% this year, pessimistic demand for silver as an industrial input has pushed the metal to perform far below gold in the period.
Silver prices started the early Asian trading session this morning at the level of $28.9 per troy ounce.
RECOMMENDATION
- Buy if price moves to around $30,069
- Sell if price moves to around $29,789
Resistance Level 2: $30,349
Resistance Level 1: $30,209
Support Level 1: $29,649
Support Level 2: $29,509
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