Silver Continues Its Rally at the Start of the Month
Silver’s remarkable rally has taken the precious metal touching distance of $40/oz, a level that may soon be surpassed. Markets are now gearing up for an event-rich 14 trading sessions that’ll bring key US data, as well as an FOMC.
The principal catalyst remains strength in gold, which has been aided by solidifying expectations that the Federal Reserve is poised to resume interest rate cuts, coupled with risks around Fed independence. Silver also enjoys a helping hand from industrial demand given its use in solar panels.
Investors have been taking note, and are piling into silver-backed exchange-traded funds. These expanded for a seventh consecutive month in August, which was the longest run of inflows since 2020.
The silver price at the time of writing was up 1.74% and was at $40,380/Toz.
- Buy if the price moves to $40,520
- Sell if the price moves to $40,240
Resistance 2: $40,960
Resistance 1: $40,660
Support 1: $40,100
Support 2: $39,800
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-(yds)-
