Silver Continues Gains In European Session
Silver prices stabilized above $32 per ounce on Monday after experiencing wild swings in the previous session. The metal found support from a weaker dollar, driven by softening US economic data and easing concerns over a global trade war. Investors also kept an eye on US-led efforts to resolve the war in Ukraine, which could reduce demand for safe-haven assets like silver.
However, silver reached a three-month high on Friday as strong industrial demand, particularly from the electrification and manufacturing sectors, supported prices. Recent data revealed that China added 357 gigawatts of solar and wind power in 2024, a key driver of industrial silver usage.
On the solar energy front, India’s Oil and Natural Gas Corp pledged INR 1 trillion in wind and solar investments by the end of the decade, while Indonesia committed to adding 17 gigawatts of solar capacity through state-owned enterprises.
RECOMMENDATION
- Buy if the price moves to $ 32.712
- Sell if the price moves to $ 32.112
Resistance Level 2: $ 33.312
Resistance Level 1: $ 33.012
Support Level 1: $ 31.812
Support Level 2: $ 31.512
Note:
This article analysis is only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
