Silver Down as Trump Policies Could Fuel Inflation
Silver prices hovered around $30.50 an ounce, trading in a narrow range since hitting a one-month high of $30.80 on Jan. 22 as support from speculation of looser monetary policy by the U.S. Fed weighed on waning demand for silver among industrials.
The Fed is set to keep interest rates unchanged this week, but investors are hoping that Chairman Powell will refrain from making overly aggressive guidance after the latest CPI data showed weakness in underlying inflation.
RECOMMENDATIONS
- Buy if price moves to $30.470
- Sell if price moves to $29.870
Resistance Level 2: $31.070
Resistance Level 1: $30.770
Support Level 1: $29.570
Support Level 2: $29.270
Note: This article is analysis only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id