Silver prices moved to the $30.7 area this afternoon, after dropping to the $29 level after the US Presidential election.
Technical indicators on the daily chart are holding in the negative territory and are still far from the oversold zone. Hence, any further upward movement is likely to face stiff resistance and remain capped near the $31.00 round figure. Concerns about escalating geopolitical tensions, along with a weaker US Dollar (USD), turned out to be the key factors that acted as a boost for the safe-haven precious metal. However, expectations of a less dovish Federal Reserve (Fed) capped the upside of the yellow metal that did not deliver an unbalanced outcome.
Source: newsmaker.id
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