Silver Rises Slightly on Strong Industrial Demand
Silver prices rose on Friday (November 7th) due to a combination of two main factors: strong industrial demand, particularly from the technology and renewable energy sectors, and a worsening supply deficit, which has made the white metal increasingly scarce.
Furthermore, expectations of monetary policy easing by the Federal Reserve and a weakening US dollar have also strengthened silver's appeal as an alternative asset, encouraging investors to invest in the white metal. (alg)
The price of silver at the time of this analysis was $48.662
- Buy if the price moves within $48.802
- Sell if the price moves within $48.522
Resistance 2: $49.242
Resistance 1: $48.942
Support 1: $48.382
Support 2: $48.082
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