Silver Stable at $38.6: Break or Fake?
Silver hovered around $38,605 during the Asian session on Thursday (August 28th), slightly correcting from the $39.00 area with limited volatility. Intraday, $38.50 serves as the closest support, while $38.90–$39.10 is the area that needs to be broken to restore upward momentum.
Fundamentally, concerns over the Fed's independence maintain safe-haven demand, but a stronger USD limits gains. Expectations of a Fed rate cut remain supportive of precious metals, with the focus on Friday's US PCE data. On the industrial demand side, tariff/dealing issues and mixed Chinese data are holding back optimism for silver.
Silver prices at the time of writing were down -0.62% at $38,605/Toz.
- Buy if the price moves to $38,745
- Sell if the price moves to $38,216
Resistance 2: $39,345
Resistance 1: $38,045
Support 1: $38,465
Support 2: $38,165
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.(ayu)
Source: Newsmaker.id