Weekend, Silver Sparkles!
Silver strengthened in the Asian session, supported by a weaker dollar and falling US yields as the market became more confident in the Fed's September rate cut scenario (85–87% probability).
This sentiment persisted despite solid US data—Q2 GDP revised to 3.3% and jobless claims falling to 229,000—as concerns about the Fed's independence (Lisa Cook's lawsuit against Trump's impeachment attempt) increased safe-haven demand, boosting precious metals.
Looking ahead, the market's primary focus is the July US core PCE release, which is expected to rise 0.3% m/m and around 2.9% y/y. A result above expectations could dampen cut bets, strengthen the dollar/yield, and limit silver's rally to the $39–$40 area. Conversely, a consistent/lower figure could potentially trigger a test of $40+, especially since banks like HSBC recently raised their 2025 silver price projections, underscoring the strong pull of the gold rally.
The price of silver at the time of writing fell 0.66% to $39.014/Toz.
- Buy if the price moves to $39.154
- Sell if the price moves to $38.874
Resistance 2: $39.754
Resistance 1: $39.454
Support 1: $38.574
Support 2: $38.274
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
