Silver Strengthens, Supported by Hopes of an End to the US Shutdown
Silver prices rose as risk sentiment improved in the market after signs emerged that the US government shutdown was about to end. These hopes pushed the US dollar slightly lower and increased interest in precious metals, including silver, which often benefit when political uncertainty eases.
However, silver's gains were restrained by the prospect of the Fed's interest rates remaining high in the near term. Investors are now awaiting clarity on the direction of US monetary policy after economic data was delayed due to the shutdown. If the dollar strengthens again or bond yields rise, selling pressure could return to the silver market. (az)
The price of silver at the time of this analysis was released was $49.185
- Buy if the price moves within the $49.485 range
- Sell if the price moves within the $47.885 range
Resistance 2: $50.085
Resistance 1: $49.785
Support 1: $47.585
Support 2: $47.285
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
