Silver Holds at $36--Sign of Consolidation or Rebound?
The Silver price (XAG/USD) edges lower to around $36 during the Asian trading hours on Wednesday, pressured by a modest rebound in the US Dollar (USD). Traders will take more cues from the release of the US ADP Employment Change report for June, which is due later on Wednesday.
The Greenback receives support from a better-than-expected increase in labor market demand. This, in turn, exerts some selling pressure on the USD-denominated commodity price, as a firmer USD makes Silver more expensive for foreign buyers.
Additionally, rising demand for industrial uses might contribute to silver’s upside. According to the Silver Institute, global silver demand is estimated to reach a new record in 2025, led by industrial use in photovoltaics and electronics, as well as a recovery in jewelry and silverware.
Silver price at the time of this news release was at $36,015/ Toz.
RECOMMENDATION
- Buy if price breaks above $36,115
- Sell if price breaks above $35,875
Resistance 2: $36,555
Resistance 1: $36,255
Support 1: $35,735
Support 2: $35,595
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