Silver Undergoes a Correction!
Silver prices fell to around $38.99 per ounce as the market grew more optimistic about a trade deal between the US, EU, and Japan. Demand for safe-haven assets weakened, despite lingering uncertainty regarding US tariffs on South Korea, India, and the outcome of next week's Fed meeting.
Technically, silver is holding below the $40.00 resistance level and is now testing the $38.60 support level. A breakout would potentially lead to a drop to $38.00. However, if it holds above $39.00, there is a chance for a rebound if dovish sentiment from the Fed emerges.
Recommendation:
Buy if the price breaks above $38.856
Sell if the price breaks below $39.136
Resistance 2: $39.436
Resistance 1: $39.136
Support 1: $38.856
Support 2: $38.556
Note: This article is intended for analytical purposes and should not be considered definitive guidance. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
