Silver Gains Slightly as Market Sentiment Begins to Improve
Silver gained slightly during the European session on Tuesday (November 18th), driven by safe-haven demand amidst the economy and investor confidence in the possibility of a Fed interest rate cut. Rising gold prices also supported silver, as many investors shifted part of their portfolios to the more affordable precious metal.
Furthermore, fundamental factors are strengthening silver's momentum: continued strong industrial demand, particularly from the renewable energy and electronics sectors. Compared to other instruments, silver is now starting to attract interest from medium- to long-term investors due to the projected ongoing global supply deficit.
The price of silver at the time of this analysis was released was $50.169
- Buy if the price moves within $50.309
- Sell if the price moves within $50.029
Resistance 2: $50.749
Resistance 1: $50.449
Support 1: $49.889
Support 2: $49.589
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