Silver Tests $38, Bias Remains Down
Fed policy expectations (Powell's speech) are filtering through recent mixed US data, with activity remaining strong but the job market cooling.
A hawkish tone (contrary to expectations of a quick rate cut) is likely to be negative for silver; a dovish tone could weaken the dollar, boosting silver. Unlike gold, silver is also supported by industrial demand (electronics, automotive, and especially solar PV), so when manufacturing/global sentiment improves, silver tends to be more resilient.
Silver prices at the time of writing were down -0.28% at $38.015/Toz.
- Buy if the price moves to $38,155
- Sell if the price moves to $37,875
Resistance 2: $38,455
Resistance 1: $38,155
Support 1: $37,875
Support 2: $37,875
DISCLAIMER
Note: This article is for analysis only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions. (ayu)
Source: Newsmaker.id
