Silver Stable, What's the Market Waiting For?
Silver prices are currently trading around $38,030 per ounce, relatively stable after experiencing selling pressure. Fundamentally, this precious metal remains supported by expectations of a Fed interest rate cut, which has boosted interest in non-yielding assets. However, market optimism regarding the possibility of a Russia-Ukraine peace deal is curbing demand for safe havens. Furthermore, the strengthening US dollar is a limiting factor for the silver price rally.
Technically, silver is still moving in a consolidation phase after rejecting further gains. The nearest support is seen around $37,800, while strong resistance lies in the $38,400-$38,600 range. As long as the price holds above this support, a rebound towards the resistance remains potential. However, a breakdown could lead to a deeper correction towards $37,500.
Silver prices at the time of writing were at $38,030/oz.
- Buy if the price moves to around $38,030
- Sell if the price moves around $37,890
Resistance 2: $38,170
Resistance 1: $38,030
Support 1: $37,890
Support 2: $37,750
DISCLAIMER
Note: This article is for analysis only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id (ayu)
