Silver on a Rampage Again? $78 Becomes a Tug-of-War!
Silver (XAG/USD) today consolidated around $78.05/oz (real-time), following high volatility in recent sessions. This area indicates the market is "holding its breath" as market participants await a major trigger—hence, its movement tends to fluctuate slightly while seeking a new direction.
From a fundamental perspective, the two factors driving silver most today are the rebalancing of commodity indices, which could trigger futures selling (more of a short-term "paper market" pressure), and the direction of the dollar and US interest rates ahead of Friday's NFP release. Recent US data has been mixed, with a strong service sector, but weak labor indicators have kept the market pricing in the possibility of a Fed rate cut, which typically supports precious metals. (asd)
The price of silver at the time of this analysis is $77.986
- Buy if the price reaches $78.523
- Sell if the price reaches $77.520
Resistance 1: $80.080
Resistance 2: $79.077
Support 1: $80.030
Support 2: $77.071
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
