Silver Still Holds $30 Area Entering Europe Sesion
Silver prices (XAG/USD) traded above $30 per troy ounce on Tuesday (7/1), which touched the highest level in almost three weeks as the US dollar weakened following reports that the new Trump administration may take a more targeted approach in implementing tariffs.
Market players are currently focused on important US labor market data this week to assess the outlook for Federal Reserve monetary policy, which could affect the direction of the dollar.
Meanwhile, silver is still supported by the positive economic outlook in China, the world's largest silver consumer. Beijing recently promised to implement a "more proactive" macroeconomic policy and cut interest rates this year to stimulate growth.
Silver prices when this news was released were traded +0.8% or at the level of $30,190/Toz.
RECOMMENDATION
- Buy if price moves to around $30,330
- Sell if price moves to around $30,050
Resistance Level 2: $30,610
Resistance Level 1: $30,470
Support Level 1: $29,910
Support Level 2: $29,770
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
