Silver on Track for Fifth Weekly Gain
Silver held steady to post its fifth straight weekly gain. The precious metal was supported by a weaker dollar, as concerns over escalating global trade tensions eased.
Both the US and China have taken a more cautious stance on tariffs, with US President Donald Trump and Chinese President Xi Jinping set to discuss trade developments, potentially reversing some of the existing restrictions. Silver is also benefiting from expectations that the US Federal Reserve will continue to cut interest rates this year, with markets pricing in two quarter-point cuts.
As of this writing, silver is at $31,867
RECOMMENDATION
- Buy if price moves to $31,817
- Sell if price moves to $31,917
Resistance Level 2: $32,067
Resistance Level 1: $31,967
Support Level 1: $31,767
Support Level 2: $31,667
Note: This article is for analysis purposes only and is not a definitive reference. Keeping in mind the fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id