Silver Jumps to A Three-week High as Investors Flock Into Safe Havens Ahead of Political Risks
Silver took off in Asian trading hours on Monday, extending its rally after having closed higher for a second week last Friday. The precious metal gathered bullish momentum as investors were taking cautious ahead of an eventful week.
Silver futures for April delivery jumped nearly 1 percent to reach an intra-day high at 17.860 – the highest level in three weeks. The greenback has been weakened in recent weeks as U.S. President Donald Trump’s administration has been struggling to push through its pro-growth economic agenda.
After the failure of a healthcare overhaul, investors were concerned over further setbacks that Trump’s policy pledges including corporate tax cuts, regulatory reform and infrastructure spending may face.
Besides, Prime Minister Theresa May looked set to trigger a two-year process of negotiation between the U.K. and the European Union later this week concerning Britain’s departure from the bloc.
Buy Stop at 17.850, Take profit 17.950, Stop loss at 17.800