Silver Steady in Mid-US Session After Dollar Strengthens
Silver prices were steady on Wednesday, pressured slightly by a stronger dollar and rising Treasury yields. The move came as strong US economic data reduced the chances of further interest rate cuts by the Federal Reserve.
Silver, along with other safe-haven assets, also benefited from uncertainty ahead of US President-elect Donald Trump’s inauguration on January 20 and confusion over his tariff plans.
In addition, silver gained support from hopes that China, the world’s top consumer of the metal, would follow through on its promise to increase monetary and fiscal stimulus to boost economic growth.
Silver was trading at $30,006/Toz at the time of writing.
RECOMMENDATION:
- Buy if price moves to around $30,156
- Sell if price moves to around $29,856
Resistance Level 2: $30,526
Resistance Level 1: $30,331
Support Level 1: $29,681
Support Level 2: $29,486
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