Silver Down as Dollar Strengthens
Silver prices fell in midday U.S. trading on Monday, halting last week’s gains, as the dollar strengthened following stronger-than-expected U.S. jobs data last week.
The data dimmed expectations for further interest rate cuts by the Federal Reserve this year, and a stronger dollar makes dollar-denominated commodities such as silver more expensive for buyers holding other currencies, denting demand.
RECOMMENDATION:
- Buy if price moves to around $29.811
- Sell if price moves to around $29.511
Resistance Level 2: $30.176
Resistance Level 1: $29.986
Support Level 1: $29.336
Support Level 2: $29.146
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