Silver Gains As Trade War Fears Ease
Silver (XAG/USD) prices rose on Wednesday (4/23). The white metal gained as fears of an escalating trade war between the United States (US) and China eased after President Donald Trump hinted at a possible deal with Beijing.
Theoretically, easing global economic tensions reduce the appeal of the safe-haven asset, Silver. However, the metal is gaining due to its industrial demand. Silver has applications in various industries, such as Electric Vehicles (EVs), electronics alliances, power and cables, mining, etc.
RECOMMENDATION
- Buy if price moves to $33,796
- Sell if price moves to $33,196
Resistance Level 2: $34,396
Resistance Level 1: $34,096
Support Level 1: $32,896
Support Level 2: $32,596
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