Silver Strengthens in Response to Weakening US Dollar
The price of silver (XAG/USD) rose on Wednesday (5/28). Silver was traded at $33.39 per troy ounce, up around 0.38% compared to yesterday's price at $33.27.
Meanwhile, the weakening US Dollar (USD) was the driving force behind today's silver movement.
Geopolitical instability or fears of a recession could cause silver prices to rise due to its status as a safe asset, although at a lower level than gold.
In addition, investors are preparing for the Federal Reserve's preferred inflation index data, the US personal consumption expenditures (PCE) price index excluding food and energy, which will be released on Friday.
The current silver price is at $ 33,395 / Toz. (yds)
RECOMMENDATION
- Buy if the price moves to $ 33,535
- Sell if the price moves to $ 33,255
Resistance Level 2: $ 33,815
Resistance Level 1: $ 33,675
Support Level 1: $ 33,115
Support Level 2: $ 32,975
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