Silver's Slight Correction: A Sign of a Breather or Exhaustion?
Silver prices are now stable around $57 per ounce after hitting an all-time high near $59 earlier in the week. The more than 2% correction in the previous session ended an eight-day rally and pushed silver out of overbought territory, as many traders opted to take profits from the recent rapid rise.
Nevertheless, the underlying sentiment remains positive as the market is almost certain the Federal Reserve will cut interest rates at its meeting next week, which typically benefits non-yielding precious metals like silver and gold. As of 7:45 a.m. Singapore time, silver was down slightly by 0.2% to $57.02 per ounce, gold was steady at around $4,205 per ounce, while platinum and palladium were also barely moved. (az)
The price of silver at the time of this analysis was released was at $57,445
- Buy if the price is at $57,772
- Sell if the price is at $57,397
Resistance 2: $58,147
Resistance 1: $57,919
Support 1: $57,169
Support 2: $57,022
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
