Silver price (XAG/USD) recovers in a V-shape manner from the key support of $30.50 in Wednesday’s North American session and refreshes an intraday high near $31.20 after the release of the United States (US) ADP Employment Change data for November.
Silver price recovers strongly from $30.50 after US ADP Employment Change data misses estimates by a slight margin. Investors await Fed Powell’s speech for fresh guidance about the likely interest rate path. Traders expect the Fed to cut interest rates by 25 bps to 4.25%-4.50% on December 18. Silver price recovers in a V-shape manner from the key support of $30.50 in Wednesday’s North American session and refreshes an intraday high near $31.
On the upside, the horizontal support plotted from the May 21 high of $32.50 would be the resistance zone. Silver daily chart Silver FAQs Why do people invest in Silver? Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods.
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