Silver Holds in the $30s
Silver held above $30.10 an ounce on Wednesday, holding near its highest level in more than three weeks despite pressure from the dollar and rising Treasury yields.
The move came as strong U.S. economic data reduced the likelihood of further interest rate cuts by the Federal Reserve. Silver, along with other safe-haven assets, also benefited from uncertainty ahead of U.S. President-elect Donald Trump’s inauguration on Jan. 20 and uncertainty over his tariff plans.
Silver also gained support from hopes that China, the world’s top consumer of the metal, will follow through on its promise to increase monetary and fiscal stimulus to boost economic growth.
Silver was trading at $30,054/Toz at the time of writing.
RECOMMENDATION:
- Buy if price moves to around $30,194
- Sell if price moves to around $29,914
Resistance Level 2: $30,474
Resistance Level 1: $30,334
Support Level 1: $29,774
Support Level 2: $29,634
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
