Silver Brakes at 43,958!
Silver opened at 43,958 at the start of the Asian session, holding near its highest level in over 14 years. Market sentiment remains positive after the Fed cut interest rates last week, which has increased the demand for non-yielding assets like gold and silver. Additional support comes from industrial demand, particularly in China's renewable energy and solar panels sectors, which continues to maintain high demand for silver.
Furthermore, geopolitical tensions between Russia and NATO have strengthened investor interest in safe-haven assets. Fund flows into precious metals-based ETFs have also increased sharply, indicating that medium-term interest remains solid. With this combination of fundamentals, silver has the potential to remain strong, although the market will be closely monitoring US PCE inflation data later this week, which could provide clues to the Fed's next policy direction. (ads)
The price of silver at the time of this analysis was released was at $43,958.
- Buy if the price moves within the $44,398 range.
- Sell if the price moves within the $44,098 range.
Resistance 2: $44,998
Resistance 1: $44,698
Support 1: $43,798
Support 2: $43,498
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
