Silver Trades Stagnant as US Dollar Rebounds
Silver (XAG/USD) prices edged lower, the white metal facing pressure as the US Dollar (USD) rallied strongly after President Donald Trump confirmed that plans to increase tariffs on foreign countries were being delayed, not rejected. On his first day in the White House, Trump said that a universal tariff hike proposal was on the table, but “We’re not ready for it.”
The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, rebounded sharply from a near two-week low around 108.00, hit on Monday. Historically, a higher US Dollar weighs on precious metals, such as Silver, by making them expensive for investors
As of this release Silver is at $30,811
RECOMMENDATIONS:
- Buy if price moves to around $30,559
- Sell if price moves to around $30,859
Resistance Level 2: $31,109
Resistance Level 1: $30,959
Support Level 1: $30,659
Support Level 2: $30,509
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in the transaction before making an investment decision.
Source: Newsmaker.id
