Silver Stable in Asian Session
The latest data from the Silver Institute shows a surge in silver consumption from the industrial sector, particularly for use in solar panels, electronic devices, and electric vehicles. This industrial demand has reached record highs in recent years.
Furthermore, the global silver market is also facing a structural supply deficit. According to Metal.com data, global silver production has not kept pace with the growth in industrial consumption and investment demand. Even supply from recycling is insufficient to cover the shortfall. "This imbalance is a strong reason behind the continued rally in silver prices," the report stated. Analysts believe that as long as supply cannot keep up with demand, silver's upward trend has the potential to continue until the end of the year.
The price of silver at the time of this analysis was released was $48,090.
- Buy if the price moves within the $48,190 range.
- Sell if the price moves within the $47,990 range.
Resistance 2: $48,431
Resistance 1: $48,244
Support 1: $47,788
Support 2: $47,539
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
