Silver Weakens Amid Global Economic Concerns
Silver prices weakened on Friday (November 21), pressured by a combination of a strengthening US dollar, rising bond yields, and a technical correction following the previous rally. The stronger dollar made silver relatively more expensive for holders of other currencies.
Meanwhile, expectations that the Fed would not be too aggressive in cutting interest rates reduced market appetite for non-yielding precious metals. At the same time, concerns about a global economic slowdown also weighed on the demand outlook for silver in industries ranging from solar panels to electronics, prompting some market participants to sell and take profits, leading to today's decline in silver prices.(alg)
The price of silver at the time of this analysis was $49,004.
- Buy if the price moves within $49,376.
- Sell if the price moves within $48,778.
Resistance 2: $50,352.
Resistance 1: $49,754.
Support 1: $48,558.
Support 2: $47,960.
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
