Silver Hits One-Month High
Silver prices jumped on Thursday, hitting a one-month high after softer U.S. inflation data supported expectations for further interest rate cuts from the Federal Reserve this year.
U.S. retail sales rose less than expected in December and initial jobless claims rose sharply in January, putting some pressure on the dollar.
The prospect of lower U.S. interest rates could boost demand for commodities by boosting economic growth and weakening the dollar.
RECOMMENDATION:
- Buy if price moves to around $30,970
- Sell if price moves to around $30,670
Resistance Level 2: $31,345
Resistance Level 1: $31,145
Support Level 1: $30,495
Support Level 2: $30,295
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