Silver Weakens On Fed Powell Speech
Silver (XAG/USD) prices found a temporary cushion on Tuesday (2/11) after falling sharply earlier in the day. The white metal showed little buying interest as the US Dollar (USD) declined ahead of Federal Reserve (Fed) Chairman Jerome Powell’s testimony before Congress.
However, the overall outlook for Silver prices remains strong amid growing concerns over a global trade war. Historically, the appeal of precious metals, such as Silver, increases in an uncertain global environment.
RECOMMENDATION
- Buy if price moves to $32,163
- Sell if price moves to $31,563
Resistance Level 2: $32,763
Resistance Level 1: $32,463
Support Level 1: $31,263
Support Level 2: $30,963
Note: This article analysis is only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id