Silver Continues to Strengthen
Silver prices are predicted to move quite actively today, although volatility remains high, as investors monitor global supply conditions and Federal Reserve (Fed) interest rate expectations.
The precious metals market is supported by tight supplies in major storage centers and still-strong industrial demand, particularly from the electronics and renewable energy sectors. On the other hand, expectations of a US interest rate cut make silver more attractive as a non-interest-bearing safe-haven asset, reducing the opportunity cost of holding this metal.
The price of silver at the time of this analysis was released was $57,560
- Buy if the price moves below $57,660
- Sell if the price moves below $57,460
Resistance 2: $58,481
Resistance 1: $58,160
Support 1: $57,219
Support 2: $56,599
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