Silver Returns to $38 Area After Hitting Its Highest Level Since 2011
Silver prices weakened slightly and are now hovering around US$39–39.40 per ounce, still near their highest levels since 2011. Strengthening bond yields and the US dollar have somewhat curbed the upward trend, but the white metal still posted a year-over-year surge of more than 36%—leading gold's rise of around 31%.
The global silver market has recorded a deficit for five consecutive years, and by 2025, a shortfall of approximately 149 million ounces is expected. Mine production has increased slightly, but not enough to offset surging demand. Despite pressure from a strengthening US dollar and tariffs, the long-term trend of supply and demand deficits maintains a positive outlook for silver. The persistently high gold-silver ratio indicates that silver remains undervalued.
Silver is currently trading at $38,977, down 0.1%.
Recommendation:
Buy if the price moves to the $39,077 area
Sell if the price moves to the $38,877 area
Resistance 2: $39,359
Resistance 1: $39,152
Support 1: $38,802
Support 2: $38,595
Note: This article is intended for analysis and is not intended as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id
