Silver Prices Continue to Fall as Metal Demand Weakens
Silver prices (XAG/USD) depreciated after posting gains the previous day, Safe-haven demand for precious metals, including Silver, continued to weaken as trade war concerns eased.
At the same time, Dollar-denominated Silver lost its appeal, with a stronger US Dollar (USD) making it more expensive for buyers using other currencies.
The USD gained support as optimism grew over improvements in US-China trade relations.
Until this news was released, Silver Price was at $ 32,921
RECOMMENDATION
- Buy if the price moves to $ 32,850
- Sell if the price moves to $ 32,950
Resistance Level 2: $ 33,201
Resistance Level 1: $ 33,061
Support Level 1: $ 32,781
Support Level 2: $ 32,641
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