Silver Remains in Positive Zone
Silver prices extended Friday’s rally, to its highest in more than three months and outperforming other bullion as demand in electrification and manufacturing added support from the global safe haven. An unexpected recovery in the ISM Manufacturing PMI for January boosted the outlook for US factory demand after more than two years of monthly contraction. Also, new data showed that China is installing 357 gigawatts of solar and wind power by 2024, among the major industrial uses of silver. Also in solar power, Oil and Natural Gas Corporation of India has pledged to invest INR 1 trillion in wind and solar power by the end of the decade.
Until this News Released the price of silver is at the level of $ 32,412
RECOMMENDATION
- Buy if the price moves to $ 32,350
- Sell if the price moves to $ 32,500
Resistance Level 2: $ 33,612
Resistance Level 1: $ 32,512
Support Level 1: $ 32,312
Support Level 2: $ 32,212
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