Silver Hits Record High, Is It Still Worth Pursuing?
Silver hit a new record high today as the market grew more confident in the Fed's interest rate cut trend and the weakening US dollar. Yields on interest-bearing assets fell, prompting investors to shift funds to precious metals, and silver followed suit alongside gold. Furthermore, silver is being sought not only as a hedge but also because of its significant role in industrial sectors such as solar panels, electric vehicles, and electronics.
However, this sharp surge to an all-time high also increases the risk of a correction. If economic data disappoints or the Fed signals a longer easing pause, profit-taking could emerge at any time. In the meantime, as long as the dollar remains weak and the interest rate easing narrative persists, fundamentals still favor silver—but traders should remain vigilant and avoid FOMO without a plan. (az)
The price of silver at the time of this analysis was released was at $61,825.
- Buy if the price is at $62,125.
- Sell if the price is at $61,525.
Resistance 2: $62,725.
Resistance 1: $62,425.
Support 1: $61,225.
Support 2: $60,925.
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
