Silver Starts the Year Still in the $28 Area
Silver prices (XAG/USD) fell on Tuesday (2/1), Silver was trading at $28.98 per troy ounce, down 0.14% from $29.00 on Monday last week.
While in the Fed's aggressive outlook and uncertain demand for industrial silver utilities. Inflation concerns that also prompted the FOMC to project only a slight interest rate cut for the coming year, this also prompted the market to cut its exposure to non-yielding gold bullion assets.
In addition, excess capacity in China's solar panel industry prompted photovoltaic companies to register for a government self-discipline program aimed at regulating supply, limiting the prospect of silver demand from its top industry. Pressure was also noted from the threat of yuan devaluation in line with China's looser monetary policy stance, lowering the asking price of one of the world's top exporters.
RECOMMENDATION
- Buy if price moves to around $29,125
- Sell if price moves to around $28,845
Resistance Level 2: $29,405
Resistance Level 1: $29,265
Support Level 1: $28,705
Support Level 2: $28,565
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
