Silver Clings to Rate Cut Expectations and Correction Risk
Silver (XAG/USD) traded relatively stable today, with a slight increase around US$51 per troy ounce, following a strong rally in recent weeks that saw prices rise nearly 10% in a month and nearly 70% in the past year.
The main sentiment remains the expectation of a Fed interest rate cut in December, following dovish comments from several US central bank officials that have opened the door to a rate cut in the near future. On the other hand, the market is also beginning to realize that excessively rapid gains have left room for a technical correction.
The price of silver at the time of this analysis was released was $51,467
- Buy if the price moves within the $51,567 range
- Sell if the price moves within the $51,367 range
Resistance 2: $51,836
Resistance 1: $51,685
Support 1: $51,232
Support 2: $51,081
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