Silver Rebounds
Silver prices rebounded from a near four-month low, as gold prices rose as ongoing geopolitical and economic uncertainty fueled demand for the precious metal as a safe-haven asset.
US President Joe Biden was reportedly briefed on contingency plans to strike Iran’s nuclear facilities if Tehran makes significant progress in developing a nuclear bomb, just weeks before Donald Trump’s inauguration.
In addition, policy uncertainty surrounding the incoming Trump administration also drove inflows into safer assets. In China, Beijing’s pledge for “more proactive” macroeconomic policies and lower interest rates this year helped stabilize market sentiment. However, weaker-than-expected manufacturing data raised concerns over demand in the world's top metal consumer
As of this writing, Silver is at $29,615
RECOMMENDATION
- Buy if price moves to around $29,465
- Sell if price moves to around $29,765
Resistance Level 2: $29,865
Resistance Level 1: $29,765
Support Level 1: $29,465
Support Level 2: $29,365
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
