Silver Steady; Profit Taking Weighs On Silver
Silver maintained its recent decline to around $31.7 an ounce in late February 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 moz, 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 3.5 moz, the lowest January demand since 2018. Meanwhile, weak U.S. economic data fueled expectations for further interest rate cuts from the Federal Reserve, offering some support to the precious metal.
RECOMMENDATION
- Buy if price moves to $31,449
- Sell if price moves to $32,049
Resistance Level 2: $32,649
Resistance Level 1: $32,349
Support Level 1: $31,149
Support Level 2: $30,849
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
