Silver's Stability Signals Investor Caution Ahead of the FOMC
Silver continues to receive support from a combination of solid global fundamental factors. Investors believe this precious metal still has room to rise further, amid rising industrial demand and expectations of US monetary policy easing.
Physical demand from India is a key driver. The country of Bollywood is projected to increase silver imports, both for investment and the industrial sector, amid high domestic prices and limited scrap supply. So far this year, silver prices in the Indian market have surged almost 49 percent, indicating strong interest from local market players.
At the time of this analysis's release, the silver price was at $42,567
- Buy if the price moves to $42,667
- Sell if the price moves to $42,467
Resistance 2: $42,875
Resistance 1: $42,704
Support 1: $42,362
Support 2: $42,191
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
