Silver Still Below $30 Ahead of US Inflation Data
Silver prices (XAG/USD) are trading below $30 per troy ounce on Tuesday (14/1) after falling more than 3% in the previous session, as the dollar strengthened following stronger-than-expected US employment data.
Meanwhile, investors are focusing on US inflation data this week for further insight into the direction of Fed policy. Despite the recent decline, silver has jumped almost 3% last week, marking its best weekly performance since mid-November.
In addition, silver continues to be supported by strong industrial demand, especially in energy technology and electronics, as well as ongoing supply concerns.
Silver prices at the time of this news was published were trading at $29,703/ Toz.
RECOMMENDATION:
- Buy if price moves to around $29,843
- Sell if price moves to around $29,563
Resistance Level 2: $30,123
Resistance Level 1: $29,983
Support Level 1: $29,423
Support Level 2: $29,283
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