Silver Rises in Europe
Silver prices held above $32.5 an ounce on Wednesday after rising more than 2% over the past two sessions, as global trade uncertainty continued to boost demand for the precious metal as a safe-haven asset.
US President Donald Trump said on Tuesday he plans to impose auto tariffs “in the region of 25%” and similar duties on semiconductor and pharmaceutical imports, raising concerns about a broader trade war. Meanwhile, investors are keeping an eye on US-led efforts to resolve the war in Ukraine, which could dampen demand for safe-haven assets such as silver.
Silver hit a three-month high last week as strong industrial demand, particularly from the electrification and manufacturing sectors, supported prices. Recent data showed that China is adding 357 gigawatts of solar and wind power by 2024, a major driver of industrial silver use.
RECOMMENDATION
- Buy if price moves to $33,297
- Sell if price moves to $32,697
Resistance Level 2: $33,897
Resistance Level 1: $33,597
Support Level 1: $32,397
Support Level 2: $31,097
Note:
This article is only an analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
