Silver Falls, Investors Cautious Ahead of US Data and Fed's Position
Silver prices fell on Friday (August 1), reflecting investor caution ahead of the release of key US economic data and clarity on the Federal Reserve's interest rate policy direction. The strengthening of the US dollar in recent days has dampened buying interest in precious metals, including silver.
However, prices remained above $36.00 thanks to persistent safe-haven demand amidst global concerns, including trade tensions and slowing economic growth in several major economies. Signals from the Fed that it is likely to hold off on cutting interest rates in the near future also added pressure on the metals market, as expectations of short-term liquidity declined.
Silver prices were down -0.64% at the time of writing, settling at $36,460/Toz.
- Buy if the price moves to around $36,600
- Sell if the price moves around $36,320
Resistance Level 2: $36,880
Resistance Level 1: $36,740
Support Level 1: $36,180
Support Level 2: $3040
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id