Positive Global Sentiment Drives Silver Higher
Silver prices strengthened in Asian trading this morning, driven by rising industrial demand and a persistent global supply deficit. The precious metal has once again attracted investor attention, especially following the release of a recent report from The Silver Institute highlighting the imbalance between global production and consumption.
Demand for silver from the technology and renewable energy sectors is now a key price driver. Recent data shows that more than 50% of total global silver consumption now comes from industry—primarily for solar panels, electric vehicles, and high-precision electronic devices. This increase in demand has made the silver market tighter, especially since most silver is still mined as a byproduct of other metals like copper and zinc, making it difficult to increase supply quickly.
The price of silver at the time of this analysis was released was $48,288
- Buy if the price moves within the $48,388 range
- Sell if the price moves within the $48,188 range
Resistance 2: $48,668
Resistance 1: $48,463
Support 1: $48,113
Support 2: $47,908
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
