Silver Prices Stagnant
Silver prices (XAG/USD) were little changed on Friday, Geopolitical instability or fear 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 on lower interest rates. Its movement also depends on how the US Dollar (USD) behaves since 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, Silver mining supply being much more abundant than Gold and recycling rates could also affect prices.
Until this news was released, the price of silver was at the level of $ 32,598
RECOMMENDATION
- Buy if the price moves to $ 32,500
- Sell if the price moves to $ 32,700
Resistance Level 2: $ 32,878
Resistance Level 1: $ 32,738
Support Level 1: $ 32,458
Support Level 2: $ 32,318
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