Silver Steady Despite Increasing Bearish Pressure
Silver prices held below $38 an ounce on Friday after falling more than 1% in the previous session, as hotter-than-expected US producer inflation dampened hopes for a significant Federal Reserve interest rate cut in September.
Weekly jobless claims also came in at 224,000, below the 228,000 forecast, indicating some labor market resilience. The market still rates more than a 90% chance of a 25 basis point cut next month, but the chances of a larger 50 bps move have been erased.
Silver prices were at $37.981/oz at the time of writing.
- Buy if the price moves to around $38,281
- Sell if the price moves around $37,681
Resistance 2: $38,881
Resistance 1: $38,581
Support 1: $37,381
Support 2: $37,081
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
