Silver Prices Down, But On Track for Third Weekly Gain
Silver fell in midday U.S. trading on Friday but was still on track for a third straight weekly gain, supported by lower underlying inflation in the U.S., which strengthened expectations for more Federal Reserve interest rate cuts this year.
Fed Governor Christopher Waller also indicated on Thursday that three or four interest rate cuts were still possible if economic data weakens further. Potential U.S. rate cuts could stimulate demand for commodities by boosting economic growth and weakening the dollar.
RECOMMENDATION:
- Buy if the price moves to around $ 30,520
- Sell if the price moves to around $ 30,220
Resistance Level 2: $ 30,885
Resistance Level 1: $ 30,695
Support Level 1: $ 30,045
Support Level 2: $ 29,855
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id