Silver Plunges, Here's the Culprit!
Today's decline in silver prices was primarily driven by the strengthening of the US dollar and rising US Treasury yields. Solid US economic data and hawkish statements from central bank officials fueled expectations that interest rate cuts would be slower than market expectations. This increased the appeal of interest-bearing assets and put pressure on non-yielding precious metals like silver, leading investors to engage in short-term selling.
In addition to monetary factors, pressure also came from profit-taking following the previous strong rally. Although silver remains supported by long-term industrial demand, particularly from the renewable energy and manufacturing sectors, in the short term, the market is more sensitive to changes in macro sentiment.
The price of silver at the time of this analysis was released was at $63,190
- Buy if the price is at $63,290
- Sell if the price is at $63,090
Resistance 2: $63,813
Resistance 1: $63,441
Support 1: $62,421
Support 2: $61,773
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
