Silver Prices Fall from Highs
Silver prices are currently down from a 14-year high touched earlier this week. Corrective pressure emerged after a prolonged rally fueled by expectations of a Federal Reserve interest rate cut and increased safe-haven demand amid global fiscal uncertainty.
Investors are likely taking profits while awaiting clarity on the direction of US monetary policy, particularly regarding the potential for a rate cut at the upcoming meeting. Despite the correction, silver's medium-term outlook remains relatively strong. Rising geopolitical risks, global trade tensions, and surging industrial demand, particularly from the solar energy sector, remain supporting factors.
Silver prices at the time of writing were up -0.27% to $40.772/Toz.
- Buy if the price moves to $40,912
- Sell if the price moves to $40,632
Resistance 2: $41,512
Resistance 1: $41,212
Support 1: $40,332
Support 2: $40,032
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