Silver Weakens Slightly, Rising Near Peak
Silver prices corrected after hitting a new record high. In Asian trading (Singapore), silver fell as much as 2.4%. Despite the correction, the price remains less than $2 from its previous record high.
This correction occurred due to profit-taking by traders following the sharp rally in recent days, as well as a slight strengthening of the US dollar index of around 0.1%, making the precious metal slightly more expensive for non-dollar buyers.
In terms of the broader trend, silver is actually still in a very strong upward phase. This year, silver prices have nearly doubled, outperforming gold's "recent" rise of around 60%. Both have the potential to record their best annual performance since 1979.
The price of silver at the time of this analysis was released was at $57,246
- Buy if the price reaches $57,180
- Sell if the price reaches $57,360
Resistance 2: $57,526
Resistance 1: $57,386
Support 1: $57,106
Support 2: $56,966
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
