Silver Still Going Crazy, But Starting to Fall Easily?
Silver prices remain at high levels after a strong rally in recent weeks. This increase is supported by expectations of lower interest rates, a weakening dollar, and solid industrial demand from the solar panel, electronics, and electric vehicle sectors. Silver's combined role as an industrial metal and a hedge makes it a popular choice for many investors.
However, after a sharp surge, silver is now more vulnerable to corrections if there are even minor negative triggers, such as strong US economic data or hawkish comments from central banks. Profit-taking could quickly depress prices in the short term, although overall, silver still benefits from the trend of lower interest rates and continued industrial demand. (az)
The price of silver at the time of this analysis was released was at $63,192.
- Buy if the price is at $63,492.
- Sell if the price is at $62,892.
Resistance 2: $64,092.
Resistance 1: $63,792.
Support 1: $62,592.
Support 2: $62,292.
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
