Silver Strengthens As Dollar Weakens And Industrial Outlook Brightens
Silver prices strengthened on Wednesday (August 13th) amid positive sentiment in the precious metals market. This strengthening was driven by a weakening US dollar following the release of weaker-than-expected US economic data, fueling speculation that the Federal Reserve could soon cut interest rates.
Silver demand was also supported by a solid industrial outlook, particularly in the renewable energy and manufacturing sectors, strengthening its appeal as both a safe haven asset and an industrial commodity.
At the time of writing, silver was up 0.74% to $38.170/Toz.
- Buy if the price moves to the $38,310 range
- Sell if the price moves to the $38,030 range
Resistance Level 2: $38,750
Resistance Level 1: $38,450
Support Level 1: $37,890
Support Level 2: $37,590
DISCLAIMER
Note: This article is for analysis purposes only and is not a definitive reference. Please consider the fundamental and technical aspects of trading before making any investment decisions.
Source: Newsmaker.id