Silver Nears Record High, Will It Rise Too Far?
Silver prices (XAG/USD) continued to strengthen, approaching the $63.75 area during Friday's Asian session, with the potential to retest their all-time high. This rise was supported by a weakening US dollar, positive sentiment in the commodity market, and silver's new status as a US essential mineral, attracting additional buying interest from market participants.
Fundamentally, silver's prospects are supported by continued rising industrial demand, particularly from solar energy (PV), electric vehicles (EVs), supporting infrastructure, data centers, and artificial intelligence (AI). The combination of long-term demand and a weakening dollar could fuel silver's uptrend, although the market remains wary of a potential correction if risk sentiment worsens or economic data strengthens the US dollar. (az)
The price of silver at the time of this analysis was released was at $63,343
- Buy if the price is at $63,643
- Sell if the price is at $63,043
Resistance 2: $64,243
Resistance 1: $63,943
Support 1: $62,743
Support 2: $62,443
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