Silver Rises after US Credit Rating Downgrade
Silver (XAG/USD) prices rose on Wednesday (5/21). The white metal strengthened as the US Dollar (USD) continued to weaken due to the downgrade of the United States (US) credit rating due to high debt levels and increasing fiscal imbalances.
Technically, a weak US Dollar makes Silver a profitable bet for investors. In addition, concerns over a US credit rating downgrade increase demand for non-yielding assets, such as Silver.
As of this writing, Silver is at $33,370
RECOMMENDATION
- Buy if the price moves to $33,670
- Sell if the price moves to $33,070
Resistance Level 2: $34,270
Resistance Level 1: $33,970
Support Level 1: $32,770
Support Level 2: $32,470
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