Silver holds steady amid tariff uncertainty
Silver (XAG/USD) prices recovered from losses during Asian trading hours on Wednesday. Analysts believe that the recent correction could be a setup for a strong rebound amid rising trade tensions and recession fears. Traders are gearing up for the FOMC Minutes, due out on Wednesday.
US President Donald Trump said late Tuesday that he is not considering abandoning his plan to impose extensive additional tariffs on dozens of countries despite contacts from trading partners seeking to avoid the levies. However, he hinted that he may be open to some negotiations.
Until this news was released, Silver price was at $ 29,875
RECOMMENDATION
- Buy if price moves to $ 29,800
- Sell if price moves to $ 29,950
Resistance Level 2: $ 30,155
Resistance Level 1: $ 30,015
Support Level 1: $ 29,735
Support Level 2: $ 28,595
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