Silver Weakens Slightly, Safe Haven Sentiment Begins to Fade
Silver is currently at $36,075, slightly weaker after selling pressure from the broader precious metals market. Fundamentally, this decline was influenced by the easing of global geopolitical tensions, especially after the ceasefire between Iran and Israel, which reduced demand for safe haven assets such as gold and silver. In addition, economic data from China as the largest consumer of industrial metals still shows weakness, especially from the manufacturing sector, which adds to concerns about short-term demand. From the US side, expectations of an interest rate cut by the Fed in September are pressuring the US dollar, but not strong enough to drive a further rally in the metals market.
Technically, silver looks to be in a consolidation phase after failing to break through resistance in the $36,500 range. The nearest support is currently at $35,800, and a breakout of this level could open up room for a deeper correction towards $35,200. However, if the price stays above $36,000 and the US dollar weakens further ahead of the release of US employment data, then the potential for a rebound remains open with a target of rising to $36,700. The RSI indicator is in the neutral zone, indicating open opportunities in both directions in the short term.
RECOMMENDATION
- Buy if the price breaks above $36,245
- Sell if the price breaks above $35,965
Resistance 2: $36,545
Resistance 1: $36,245
Support 1: $35,965
Support 2: $35,665
Note: This article is for analytical purposes only and is not a definitive reference. Please pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id (ayu)
