Silver Under Pressure as Dollar Strengthens, Focus on Jackson Hole
Silver prices fell in trading on Thursday (August 21st), as the US dollar strengthened following the release of the minutes of the Federal Reserve's July meeting. Investors are also tending to wait and see ahead of Fed Chairman Jerome Powell's speech at the Jackson Hole symposium later this week.
The FOMC meeting minutes showed that most central bank officials still view inflation risks as greater than concerns about the labor market. This has limited expectations for aggressive interest rate cuts. However, the CME FedWatch tool still indicates an 82% chance of a 25 basis point rate cut at the upcoming September meeting.
Silver prices at the time of writing were down -0.28% at $37.772/Toz.
- Buy if the price moves to the $37,912 range
- Sell if the price moves to the $37,632 range
Resistance 2: $38,352
Resistance 1: $38,052
Support 1: $37,492
Support 2: $37,192
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
