Silver Strengthens Again in European Session
Silver rose to around $30.40 an ounce on Tuesday, extending gains from the previous session driven by supply concerns and a narrowing price gap between the New York and London markets.
The threat of tariffs, especially after President Trump’s inauguration, also boosted the premium for silver futures as traders braced for potential disruptions.
In addition, silver prices remained supported by ongoing concerns about supply issues, especially in London vaults.
In addition, strong industrial demand, especially in manufacturing, and expectations of a Federal Reserve interest rate cut, which could weaken the dollar and boost demand for commodities, continued to support silver. Geopolitical factors, including uncertainties related to U.S.-China relations, also added to silver’s appeal as an asset.
RECOMMENDATION:
- Buy if price moves to around $30,780
- Sell if price moves to around $30,180
Resistance Level 2: $31,380
Resistance Level 1: $31,080
Support Level 1: $29,880
Support Level 2: $29,580
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
