Silver Strengthens, Driven by Dovish Fed Sentiment
Silver prices rallied again on Tuesday (December 9th), fueled by market expectations that the Federal Reserve will soon cut interest rates. Lower interest rates make silver, a "zero-yield" asset, more attractive than bonds or deposits. At the same time, the weakening US dollar has also boosted silver's appeal to global investors.
Beyond monetary factors, industrial demand for silver is also high. Silver is widely needed in the electronics, solar panel, and green technology sectors, while global supply remains tight. The combination of substantial industrial demand and investment interest has driven silver prices soaring, reinforcing the white metal's bullish trend this year. (alg)
The price of silver at the time of this analysis was released was at $58,188
- Buy if the price is at $58,328
- Sell if the price is at $58,048
Resistance 2: $58,928
Resistance 1: $58,628
Support 1: $57,748
Support 2: $57,448
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