Silver Down Focus on Trump Policy
Silver prices fell below $31 an ounce on Thursday (1/23), but remained near a six-week high, as U.S. President Donald Trump’s tariff threats fueled demand for the safe-haven asset.
Trump indicated on Tuesday that he was considering a 10% tariff on Chinese imports starting Feb. 1, just one day after threatening Mexico and Canada with tariffs of around 25%.
However, with no action taken, there is hope that the administration could take a more cautious stance on tariffs. Silver also remains supported by expectations of further interest rate cuts by the Federal Reserve this year, which could weaken the dollar and boost demand for the commodity.
RECOMMENDATION:
- Buy if price moves to around $30,856
- Sell if price moves to around $30,256
Resistance Level 2: $31,456
Resistance Level 1: $31,156
Support Level 1: $29,956
Support Level 2: $29,656
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
