Silver Rises Above $30 Despite Dollar Strength
Silver prices rose above $30 an ounce in the mid-day U.S. session on Tuesday, hitting a near three-week high despite a stronger U.S. dollar after strong JOLTS Job Openings and ISM Services PMI data.
Looking ahead, investors are focused on key U.S. labor market data this week to assess the outlook for Federal Reserve monetary policy, which could influence the direction of the dollar. Silver is also getting support from the positive economic outlook in China, the world’s largest silver consumer. Beijing recently pledged to implement “more proactive” macroeconomic policies and lower interest rates this year to stimulate growth.
RECOMMENDATION
- Buy if price moves to around $30,233
- Sell if price moves to around $29,933
Resistance Level 2: $30,603
Resistance Level 1: $30,408
Support Level 1: $29,758
Support Level 2: $29,563
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
