Silver Still Positive at the Start of the Asian Session
Silver prices strengthened at the beginning of this year and remained positive for the start of the Asian session trading on Friday (3/1), driven by the cessation of the US bond yield rally after experiencing a surge of more than 10% in the last four weeks.
Meanwhile, the US Dollar Index (DXY) is still trading sideways approaching its highest level in more than two years.
In addition, the outlook for the US Dollar and bond yields is expected to remain strong because the Federal Reserve (Fed) is expected to provide only a small interest rate cut this year because officials are optimistic about the economic path.
The current silver price is trading at $29,569/Toz.
RECOMMENDATION
- Buy if price moves to around $29,709
- Sell if price moves to around $29,429
Resistance Level 2: $29,989
Resistance Level 1: $29,849
Support Level 1: $29,289
Support Level 2: $29,149
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
