Silver Rises Slightly Entering Mid-Asian Trading Session
Silver (XAG/USD) prices edged up in the Asian afternoon session on Thursday (2/1), slightly paring the previous session's decline, while market participants are currently still looking for further clarity on the US Federal Reserve's interest rate path and President-elect Donald Trump's policies.
Meanwhile, excess capacity in China's solar panel industry has prompted photovoltaic companies to sign up for a government self-discipline program aimed at regulating supply, limiting the demand outlook for silver from its top industry.
Pressure is 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.
Silver prices at the time of this news release +1.5% to trade at $29.329/ Toz.
RECOMMENDATION
- Buy if price moves to around $29,469
- Sell if price moves to around $29,189
Resistance Level 2: $29,749
Resistance Level 1: $29,609
Support Level 1: $29,045
Support Level 2: $28,905
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
