Silver Takes a Step Back, But Still in an Uptrend?
After a sharp rally to a 13-year high in early June, silver has undergone a healthy correction: down from around USD36–36.4/oz to the USD35.8–36.2/oz area today. Such a move is common after a major rally, when market players take profits.
Market players adopted a wait-and-see position before the release of the US Non-Farm Payroll (NFP) data. The focus shifted to gold as a safe-haven, so that silver experienced a stagnant correction.
In the short term, silver prices are still supported by a supply deficit, strong industrial demand, and safe-haven flows.
Recommendation:
Buy if price breaks above $36.469
Sell if price breaks below $36.269
Resistance 2: $37,092
Resistance 1: $36,715
Support 1: $36,226
Support 2: $35,960
Note: This article is intended for analysis and not as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
