Silver Down on Positive US Data
Silver (XAG/USD) reversed sharply on Thursday (5/22). The decline in the white metal occurred ahead of the release of the US Purchasing Managers' Index (PMI), which showed that the decline was mainly technical in nature and was driven by the initial stabilization of the US Dollar and profit-taking after a sharp rise on Wednesday.
As of this writing, Silver is at $33,081
RECOMMENDATION
- Buy if the price moves to $33,381
- Sell if the price moves to $33,781
Resistance Level 2: $33,981
Resistance Level 1: $33,681
Support Level 1: $33,481
Support Level 2: $33,181
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