Silver Remains Vibrant Amid Supply Deficit
Silver is strong as the global market faces a fifth consecutive structural deficit. According to the Silver Institute, while supply is expected to increase slightly by around 1%, overall demand is projected to decline by -4%. This deficit is primarily driven by increased investment allocation to silver ETPs, with investors seeking silver as a hedge against geopolitical and macroeconomic risks.
On the industrial front, demand for silver remains high as a vital component of green technology, particularly in the electronics, electric vehicles, and solar panels sectors. However, despite the rise in global PV installations, solar panel manufacturers are increasingly reducing the use of silver per module (“thrifting”), which has somewhat curbed the surge in demand in the sector. (az)
The price of silver at the time of this analysis was released was $50.953
- Buy if the price moves within the $51.253 range
- Sell if the price moves within the $50.653 range
Resistance 2: $51.853
Resistance 1: $51.553
Support 1: $50.353
Support 2: $50.053
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
