Ahead of FOMC: Silver Strong, Targets $43
Silver held steady around $42.6/oz in the European session on Tuesday (September 16th), nearing a 14-year peak ahead of the Fed's decision. The market strongly assessed US President Donald Trump's 25-bps cut for a larger cut; the Bank of China and China are likely to ease, while the Bank of Japan and Bank of England are expected to hold steady. Progress on US-China trade talks also supported sentiment.
Fundamentally, the bias remains constructive: the dollar has the potential to weaken if the Fed begins to ease, while industrial demand (solar/EV/electronics) is tightening physical supply.(ayu)
At the time of this analysis's release, the silver price was at $42,681.
- Buy if the price moves to $42,821.
- Sell if the price moves to $42,541.
Resistance 2: $43,421.
Resistance 1: $43,121.
Support 1: $42,241.
Support 2: $41,969.
Disclaimer:
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
