Exploding Industrial Demand Lifts Silver Prices
Silver prices strengthened on Wednesday (November 19th) as investor interest in precious metals improved. In recent trading, silver (XAG/USD) rose slightly and regained ground above the US$51 per troy ounce level, after a correction in the previous few sessions.
This strengthening occurred amid a market atmosphere that remains risk-off, as market participants await the release of US employment data (NFP) and the latest developments on expectations of a Fed interest rate cut in December. The probability of a rate cut has indeed decreased to around 40 percent, but the prospect of interest rates trending lower than in recent years remains a support for the non-yielding precious metal.
The price of silver at the time of this analysis was released was $51.208
- Buy if the price moves within $51.348
- Sell if the price moves within $51.068
Resistance 2: $51.788
Resistance 1: $51.488
Support 1: $50.928
Support 2: $50.628
Disclaimer:
This article is analytical in nature and does not constitute definitive information. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id