Strong industrial demand limits downside
Silver remains high at $41/oz after US data (benign CPI, rising jobless claims) strengthened the chances of a 25 bps Fed rate cut next week—weakening the dollar and supporting the precious metal. The industrial demand environment (particularly PV/electrification) maintains a positive bias.
Technically, the $41 area provides initial support; a break above $42 opens the door to $42.5. Failure to hold could lead to a correction to $40.5–$40.0 before buying interest resurfaces.
The silver price at the time of writing was $41,431/oz.
- Buy if the price moves to $41,571
- Sell if the price moves to $41,399
Resistance 2: $42,171
Resistance 1: $41,871
Support 1: $41,099
Support 2: $40,799
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
