Silver Rises on Lower-Than-Expected Core Inflation
Silver climbed back above $30 an ounce on Wednesday, near its highest level in a month, as lower underlying inflation in the U.S. supported bets of less-tight monetary policy by the Fed. Core inflation unexpectedly slowed in December, while headline inflation held off from surprising to the upside.
The results also supported bullion as they lower the opportunity cost of holding the interest-bearing asset. However, uncertain demand for silver’s manufacturing uses kept prices well below a 12-year high of $35 in October.
RECOMMENDATION:
- Buy if price moves to around $30,794
- Sell if price moves to around $30,494
Resistance Level 2: $31,189
Resistance Level 1: $30,989
Support Level 1: $30,299
Support Level 2: $30,099
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
