Silver Strengthens on Fed Rate Cut Speculation
Silver prices rose on Thursday (August 28th), amid growing speculation that the Federal Reserve will cut interest rates sooner than expected. Dovish statements by several Fed officials fueled expectations of monetary policy easing, increasing the appeal of precious metals as a hedge.
In addition, ongoing geopolitical tensions in Eastern Europe and concerns about a global economic slowdown also supported safe-haven demand. Investors also eyed the latest US economic data, which showed signs of moderating inflation, strengthening bullish sentiment on precious metals, including gold and silver.
Silver prices fell 0.66% to $38.814/oz at the time of writing.
- Buy if the price moves to $38,954
- Sell if the price moves to $38,674
Resistance 2: $39,394
Resistance 1: $38,094
Support 1: $38,534
Support 2: $38,234
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. (alg)
Source: Newsmaker.id