Silver Poised to Surprise Again
Silver prices continued to surge this morning, trading above US$40 per ounce and breaking through a 14-year high. In the Indian market, silver futures contracts even hit a record high of over ₹1.24 lakh per kilogram, reflecting strong demand from both investors and the industrial sector.
This price increase was driven by the weakening US dollar and expectations of an interest rate cut by the Federal Reserve in September. These conditions have increased silver's appeal as a safe haven asset amid growing global uncertainty. Furthermore, demand for silver from the industrial sector continues to rise, particularly for renewable energy needs such as solar panels, electric vehicles, and electronic devices. At the same time, the market faces a significant supply deficit, estimated to reach over 200 million ounces throughout 2025.
Silver prices at the time of writing were up 2.21% at $40,771/Toz.
- Buy if the price moves to $40,871
- Sell if the price moves to $40,671
Resistance 2: $41,084
Resistance 1: $40,886
Support 1: $40,617
Support 2: $40,490
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
