Silver Rises as US Dollar Weakens
Silver (XAG/USD) prices rose nearly 2% on Wednesday (4/9). The white metal strengthened as the US dollar (USD) fell amid concerns that the escalating trade war between Washington and Beijing could tip the US economy into recession.
Financial market participants are concerned that President Donald Trump’s imposition of a 104% tariff on Chinese imports for pouring drugs into the US and his retaliatory tariffs will limit purchases of Chinese goods by US companies.
RECOMMENDATION
- Buy if price moves to $30,981
- Sell if price moves to $30,381
Resistance Level 2: $31,581
Resistance Level 1: $31,281
Support Level 1: $30,081
Support Level 2: $29,781
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