Silver Prices Weaken Ahead of US Data
Silver prices are currently declining on Friday (August 29th), as investors show caution ahead of the release of important inflation data from the United States. Pressure on silver also comes from the strengthening US dollar, which is pressuring commodities denominated in that currency. Furthermore, the Fed's interest rate policy is widely expected to limit the price movement of this precious metal in the short term.
Nevertheless, expectations of an imminent Federal Reserve interest rate cut remain a key support factor for silver as a safe haven asset and hedge against inflation. Investors are still closely watching the upcoming release of Personal Consumption Expenditures (PCE) data, as the results could determine the direction of monetary policy and influence broader market sentiment.
Silver prices at the time of writing were down -0.53% to $38.834/oz.
- Buy if the price moves to $38,974
- Sell if the price moves to $38,694
Resistance 2: $39,414
Resistance 1: $39,114
Support 1: $38,554
Support 2: $38,254
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