Silver Suddenly Skyrockets! What Caused This Sharp Rise?
Silver prices surged sharply, briefly reaching an all-time high of $57.86 per ounce before stabilizing at $57.48. This increase was triggered by a weakening US dollar and risk-off sentiment that prompted investors to seek safe havens. Thin market liquidity following the CME shutdown last week also accelerated price movements, causing silver to rise faster than usual.
Expectations of a Federal Reserve interest rate cut in December have also bolstered interest in silver as a hedge. Dovish statements from Fed officials and weak US economic data have further strengthened market confidence that monetary policy will be eased. With market volatility, silver has become one of the most attractive assets for investors. (az)
The price of silver at the time of this analysis was released was $56,840
- Buy if the price moves within the $57,140 range
- Sell if the price moves within the $56,540 range
Resistance 2: $57,740
Resistance 1: $57,440
Support 1: $56,240
Support 2: $55,940
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
