Silver Back Into $30 Area
Silver prices rose and were in the $30 per troy ounce area on Wednesday (15/1) as market participants await a key US inflation report that could influence the Federal Reserve's interest rate decision later this month.
Earlier this week, silver faced downward pressure as stronger-than-expected US jobs data dampened expectations for further Fed rate cuts this year.
Despite the recent decline, the metal's value continues to be supported by strong industrial demand, particularly in renewable energy and electronics technology, as well as ongoing supply concerns.
In addition, investors remain hopeful that major consumer China will introduce further stimulus measures to boost growth and counter deflationary pressures.
Silver price at press time was $30.051/ Toz.
RECOMMENDATION:
- Buy if price moves to around $30,191
- Sell if price moves to around $29,911
Resistance Level 2: $30,471
Resistance Level 1: $30,331
Support Level 1: $29,771
Support Level 2: $29,631
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
