Silver Near Record, Will It Continue to Climb?
This morning, silver prices remained near their record high, trading around $58 per troy ounce. In the past month, silver prices have risen more than 20% and surged nearly 90% in a year, indicating a very strong uptrend. Although profit-taking has caused prices to fall slightly from their peak of around $57.8–$58, the current position remains in a very high zone compared to a few months ago.
This sharp rise was supported by expectations of a Fed interest rate cut in December, a weakening US dollar, and safe-haven sentiment amid global economic uncertainty. Meanwhile, industrial demand for silver (solar panels, electronics, and green technology) and concerns about tight supply have maintained upward pressure. Today's market will focus on US economic data and comments from Fed officials; if the signal for a rate cut strengthens, silver has the potential to strengthen further, but if the data turns in favor of the dollar, the risk of a sharp correction remains a concern.
The silver price at the time of this analysis is $58.500
- Buy if the price moves within the $58.862 range
- Sell if the price moves within the $58.274 range
Resistance 2: $59.685
Resistance 1: $59.097
Support 1: $57.921
Support 2: $57.333
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
