Silver looks vulnerable below $32.00
Geopolitical instability or fears of a deep recession could see Silver prices rise due to its safe haven status, albeit to a lesser extent than Gold. As a non-yielding asset, Silver tends to rise with lower interest rates. Its movement also depends on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong dollar tends to hold Silver prices down, while a weaker dollar tends to push prices up. Other factors such as investment demand, mining supply, Silver being much more abundant than Gold and recycling rates can also affect prices.
Until this news was released, the price of Gold was at $ 31,718
RECOMMENDATION
- Buy if the price moves to $ 31,600
- Sell if the price moves to $ 31,800
Resistance Level 2: $ 32,018
Resistance Level 1: $ 31,868
Support Level 1: $ 31,568
Support Level 2: $ 31,418
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
