Silver Still held Remains on the Green Line
Silver is holding near record highs, surging about 100% year-to-date amid tightening supply and expectations of deeper US Federal Reserve interest rate cuts.
Bloomberg data shows silver-backed exchange-traded funds (ETFs) added about 200 tons on Tuesday, lifting total holdings to their highest level since 2022 amid strong demand.
Record volumes of silver also entered London last month, tightening supplies in other trading centers, while inventories at the Shanghai Futures Exchange warehouse fell to their lowest level in a decade.
Meanwhile, the Fed is expected to cut interest rates by 25 basis points next week, with markets also pricing in three additional quarter-point cuts next year.
The price of silver at the time of this analysis was released was at $58,014.
- Buy if the price is at $57,914.
- Sell if the price is at $58,100.
Resistance 2: $58,294.
Resistance 1: $58,154.
Support 1: $57,874.
Support 2: $57,734.
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
