Silver Breaks Investor Record Amid Rate Cut Expectations
Silver prices rose on Wednesday (December 10th), setting a new record on the spot market. This increase was driven by strong expectations that the Fed will cut interest rates soon, potentially driving down dollar yields and investors seeking alternative hedges such as precious metals.
Fundamentally, the silver rally is also supported by a combination of investment and industrial demand. Inflows into silver-based ETFs have surged in recent days, indicating strong investor interest, while the physical market is in a supply deficit, so any increase in demand immediately pushes prices higher. (alg)
The price of silver at the time of this analysis was released was at $60,802.
- Buy if the price is at $60,942.
- Sell if the price is at $60,662.
Resistance 2: $61,542.
Resistance 1: $61,242.
Support 1: $60,362.
Support 2: $60,062.
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