Silver Loses Ground Ahead of CPI Data
Silver price (XAG/USD) loses ground after registering gains in the previous session, trading around $32.80 during the Asian hours on Wednesday. Technical analysis on the daily chart indicates a weakening bullish bias, with the grey metal remaining below an ascending channel pattern.
While investors are gearing up for key US inflation data later in the day to gauge the Federal Reserve's interest rate path amid trade tensions and concerns about an economic slowdown.
Silver prices at the time of this news release were -0.5% or at $32,741/Toz.
RECOMMENDATION
- Buy if the price moves to $32,881
- Sell if the price moves to $32,601
Resistance Level 2: $33,301
Resistance Level 1: $33,021
Support Level 1: $32,461
Support Level 2: $32,181
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