A New Safe Haven? Silver Surprises Amid Global Turmoil
Silver prices rallied again in today's trading, hovering around US$41 per troy ounce. This level is approaching a 14-year high and is a major highlight in the commodities market.
The rise in silver prices was driven by high demand for safe-haven assets. Investors are increasingly confident that the Federal Reserve (The Fed) will cut interest rates soon after a series of weakening US economic data. This monetary easing has triggered capital inflows into precious metals, including silver, which is considered a hedge against uncertainty.
The price of silver at the time of writing this article is trading at $41,149/Toz.
- Buy if the price moves to $41,249
- Sell if the price moves to $41,049
Resistance 2: $41,612
Resistance 1: $41,346
Support 1: $40,814
Support 2: $40,548
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