Silver Rally Continues, Driven by Industrial Demand
Silver prices continued their rally in the European session on Friday, rising above $42 per troy ounce. The white metal strengthened as the Federal Reserve (Fed) began easing monetary policy amid growing concerns about the US labor market.
On the industrial front, strong demand from the solar power, electric vehicle, and electronics sectors, combined with limited supply, continues to support silver.
The price of silver at the time of writing was $42,183
- Buy if the price moves within $42,348
- Sell if the price moves within $42,018
Resistance 2: $42,723
Resistance 1: $42,528
Support 1: $41,838
Support 2: $41,643
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id