Market sentiment remains positive for silver!
Silver prices stabilized on Tuesday after their biggest drop in five years, holding above $72 per ounce after dropping 9% in the previous session. The decline was triggered by technical indicators suggesting excessive price increases and thin market liquidity. Several exchanges increased margins on silver contracts to control risk, forcing traders to close their positions. Despite this, silver and gold remain on track for their best annual performance since 1979.
Silver's rally was driven by central bank buying, flows into ETFs, and interest rate cuts by the Federal Reserve. Chinese speculative interest on the Shanghai Gold Exchange also pushed the silver premium to its highest level. Silver supplies remain concentrated in New York, while traders await the outcome of a US investigation that could impact trade and tariffs. (asd)
The price of silver at the time of this analysis is $72,845
- Buy if the price reaches $73,234
- Sell if the price reaches $72,255
Resistance 1: $74,647
Resistance 2: $73,668
Support 1: $71,710
Support 2: $70,731
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
