Silver Weakens Amid Fed Pressure
Silver prices fell on Wednesday (July 30th), overshadowed by the prospect of persistently high interest rates in the US and expectations that the Fed will maintain rates at 4.25%–4.50% in the near term.
On the other hand, the market is trading in a structural deficit in the global physical market due to continued rising demand in industries such as renewable energy and electronics, while new production supply is insufficiently developed. Nevertheless, the medium-term trend still supports the potential for price appreciation if risk-off sentiment increases again or inflation rebounds.
Silver prices at the time of writing were up 0.68% at $37.928/Toz.
- Buy if the price moves to around $38,068
- Sell if the price moves to around $37,788
Resistance Level 2: $38,668
Resistance Level 1: $38,368
Support Level 1: $37,488
Support Level 2: $37,188
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical aspects of trading before making any investment decisions.
Source: Newsmaker.id
