Silver Strengthens Near Peak
Silver rose and remained near its record high on Friday (December 12). This increase was supported by a combination of a weakening US dollar and market expectations that US interest rates could still fall further, coupled with growing industrial demand (especially in the technology/energy sectors) and tighter inventories—especially after silver was added to the US critical minerals list, which further strengthened the "tight supply" narrative.
Going forward, silver's movement is typically sensitive to the USD and yields. If the dollar suddenly rebounds sharply, silver could resist (or lead to profit-taking), but as long as the "rate cut + industrial demand" narrative remains dominant, the bias remains strong. (alg)
The silver price at the time of this analysis was released was at $63,837
- Buy if the price is at $63,977
- Sell if the price is at $63,697
Resistance 2: $64,577
Resistance 1: $64,277
Support 1: $63,397
Support 2: $63,097
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
