Silver Shines Amid Weakening Dollar
Silver prices rose during the Asian session on Wednesday (6/25) as a weaker US Dollar (USD) provided some support to the USD-denominated commodity. Traders are preparing for Federal Reserve (Fed) Chairman Jerome Powell who will testify later on Wednesday.
In addition, Investors are also closely monitoring developments surrounding the Israel-Iran conflict. Israeli Prime Minister Benjamin Netanyahu said the country would strike again if Iran rebuilds its nuclear project. Any sign of escalation could boost the price of the precious metal in the near term.
RECOMMENDATION
- Buy if price breaks above $36,069
- Sell if price breaks above $35,789
Resistance 2: $36,669
Resistance 1: $36,369
Support 1: $35,489
Support 2: $35,189
Note: This article is for analytical purposes only and is not a definitive reference. Please pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id