Silver Rally Continues Driven by Dovish Fed Expectations
Global silver prices strengthened again in today's trading. The combination of expectations for dovish Federal Reserve (Fed) policy, a weakening US dollar, and rising investment and industrial demand fueled the silver rally, reaching its highest level in over a decade.
Fundamentally, the market assessed that Fed Chairman Jerome Powell's speech signaled that interest rate cuts would continue, albeit at a gradual pace. This dovish tone led market participants to expect global liquidity to remain loose. As a result, the US dollar weakened, making silver relatively cheaper for buyers using other currencies.
The price of silver at the time of this analysis was released was at $44,089.
- Buy if the price moves within the $44,189 range.
- Sell if the price moves within the $43,989 range.
Resistance 2: $44,649
Resistance 1: $44,264
Support 1: $43,914
Support 2: $43,709
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