Silver Pressured by US Dollar Recoveries
Silver prices weakened on Wednesday (August 27th), as the US dollar strengthened slightly after being pressured by concerns about the independence of the Federal Reserve. President Donald Trump's attempt to dismiss Fed Chair Lisa Cook triggered an influx of funds into safe-haven assets, including precious metals. However, the recovery of the dollar index above 98 again put pressure on silver and other precious metals.
Silver prices at the time of writing were down -0.62% at $38.356/Toz.
- Buy if the price moves to $38.496
- Sell if the price moves to $38.216
Resistance 2: $38.936
Resistance 1: $38.636
Support 1: $38.076
Support 2: $37.776
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