Silver Consolidates Bullishly at $38.5, Market Eyes Rate Cut
Silver prices strengthened slightly on Wednesday Asian time, hovering around $38.5 per troy ounce and approaching a multi-week high. This increase followed a weakening US dollar and falling Treasury yields, a combination that typically supports zero-coupon precious metals. Silver's strengthening also aligns with the rise in gold, which is sensitive to real funding costs.
Market sentiment was driven by expectations of a Fed interest rate cut at its September meeting following moderate July inflation data and signs of labor market weakness.
Silver prices were at $38,559/Toz at the time of writing.
- Buy if the price moves to around $38,709
- Sell if the price moves around $38,409
Resistance 2: $39,074
Resistance 1: $38,884
Support 1: $38,234
Support 2: $38,044
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source : Newsmaker.id