Silver Down In A Row
Silver prices fell to around $31.60 an ounce on Wednesday, marking a fourth straight decline amid strong demand and supply uncertainty. Profit-taking also weighed on silver prices, although the metal is still up about 10% this year.
Hecla Mining Company, the largest U.S. silver producer, reported a 13% increase in silver production for 2024, mining 16.2 million ounces per ounce, the second-highest production level in its 134-year history.
On the demand side, purchases of U.S. silver coins fell 27% year-on-year in January to $3.50 an ounce per ounce, the lowest January demand since 2018. Meanwhile, weak U.S. economic data fueled expectations for further interest rate cuts from the Federal Reserve, providing little support for the precious metal.
Investors are also keeping an eye on trade developments after President Donald Trump ordered an investigation into potential copper import tariffs to boost U.S. metal production. Silver prices rose to near $31.75 in the Asian session on Wednesday, up 0.35% on the day.
RECOMMENDATION
- Buy if price moves to $31,510
- Sell if price moves to $32,110
Resistance Level 2: $32,710
Resistance Level 1: $32,410
Support Level 1: $31,210
Support Level 2: $30,910
Note:
This article is only an analysis and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
