Silver Still Weakening in Asian Session
Silver price (XAG/USD) extends its losing streak for a third consecutive session, trading around $32.40 per troy ounce during Asian hours on Monday. The prices of the grey metal depreciate as softer economic data from China fuel demand concerns.
China’s Producer Price Index (PPI) dropped 2.2% year-over-year, following a 2.3% decline in the previous two months. This represents the slowest contraction since August 2024 but highlights persistent deflationary pressures in China's industrial sector, where Silver demand is significant.
The price of silver at the time of this news release was at $32,435/Toz.
RECOMMENDATION
- Buy if price moves to $32,832
- Sell if price moves to $32,232
Resistance Level 2: $33,432
Resistance Level 1: $33,132
Support Level 1: $31,932
Support Level 2: $31,632
Note:
This article is only an analysis and not a definitive reference. Pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id