Silver Strengthens on US Political and Industrial Sentiment Uncertainty
Silver prices (XAG/USD) strengthened in European trading (August 26th), rebounding from the previous session's decline. This strengthening was largely driven by political uncertainty in the US, following President Donald Trump's dismissal of Federal Reserve Governor Lisa Cook. This move sparked concerns about the Fed's independence and the direction of monetary policy, prompting investors to seek safe-haven assets like silver.
Beyond political factors, industrial demand for silver remains solid, particularly from the renewable energy sector. Recent data shows that Chinese solar cell exports surged more than 70% in the first half of this year, primarily to meet demand from India. The combination of monetary uncertainty and strong industrial demand has created short-term positive sentiment for this precious metal, although price volatility remains high.
Silver prices at the time of writing were down 0.28% at $38.652/Toz.
- Buy if the price moves to $38,792
- Sell if the price moves to $38,512
Resistance 2: $39,392
Resistance 1: $39,092
Support 1: $38,212
Support 2: $37,912
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions. (alg)
Source: Newsmaker.id
