Silver Approaches 14-Year High
According to the latest data, the spot silver price is under some pressure and is hovering in the range of USD 38.54–39.00 per ounce, continuing its upward trend from last week, when it rose more than 33% this year—reaching its highest level in almost 14 years.
This morning's fundamentals remain strongly supportive of a bullish silver outlook. The impetus comes from a combination of a structural supply deficit, surging industrial demand—particularly from the renewable energy and technology sectors—and rising expectations for silver's role as a safe-haven. HSBC's revised forecast also bolstered sentiment, while market volatility provides opportunities for fairly dynamic price movements in the short term. (mrv)
Silver prices were down 0.11% at $38.534/Toz at the time of writing.
- Buy if the price moves to $38,634
- Sell if the price moves to $38,434
Resistance 2: $38,885
Resistance 1: $38,679
Support 1: $38,388
Support 2: $38,183
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.
Source: Newsmaker.id
