Is Silver Sought After, Just Following Gold's Trend?
Silver is currently being supported by two main factors: its function as a safe haven and industrial demand. While the market is wary of interest rates, inflation, and geopolitics, silver is being sought alongside gold. At the same time, silver is used in solar panels, electronics, and electric vehicles, so the green energy trend is keeping underlying demand strong.
From a policy perspective, expectations that the Fed is nearing the end of its interest rate hike cycle also benefit silver. If interest rates fall and the US dollar weakens, non-interest-bearing precious metals like silver become relatively more attractive. As long as economic uncertainty persists, silver has the potential to remain sought after as a mix of safe assets and future metals. (az)
The price of silver at the time of this analysis was released was $51.288
- Buy if the price moves within the $51.388 range
- Sell if the price moves within the $51.188 range
Resistance 2: $51.588
Resistance 1: $51.488
Support 1: $51.088
Support 2: $50.988
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
