Silver Supply Drives Prices Up
Silver prices remained strong in today's Asian session at around $46,303 per troy ounce, extending the upward trend that has been ongoing for the past few weeks. This price surge was driven by increasing investor demand for silver through ETFs, while physical supply in the global market is increasingly limited. Silver's lease rate, which has soared above 5%, indicates a tight supply of the physical metal, a situation not seen in recent years.
In addition to investment factors, industrial fundamentals also supported silver's rise. Demand for this metal in the solar panel, semiconductor, and electric vehicle sectors continues to grow, while mining production has not kept pace with this demand. Furthermore, global economic uncertainty and expectations of easing US interest rates have made silver an increasingly attractive asset as a hedge and long-term investment. (ads)
The price of silver at the time of this analysis was released was $46,303.
- Buy if the price moves within the $46,443 range
- Sell if the price moves within the $46,163 range.
Resistance 2: $47,043
Resistance 1: $46,743
Support 1: $45,863
Support 2: $45,563
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
