Safe Haven Lifts Silver
Silver broke through $48/oz and approached a 14-year peak as investors sought safe havens amid the US government shutdown, which has entered its second week, delaying data releases and clouding the economic outlook. The market also believes the Fed is likely to cut interest rates by 25 bps this month, with a further cut likely in December—a combination that typically supports precious metals—despite occasional USD strengthening.
Fundamentally, physical demand from solar and electronics remains strong, while the global supply deficit is expected to persist into 2025, supporting prices. Looking ahead, the market is monitoring the Fed's decision, the direction of the USD and yields, and developments related to the shutdown. The $49-$50 area is the next psychological resistance for XAG/USD.
The price of silver at the time of this analysis was released was $48,574.
- Buy if the price moves within the $48,874 range.
- Sell if the price moves within the $48,274 range.
Resistance 2: $49,474
Resistance 1: $49,174
Support 1: $47,974
Support 2: $47,674
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
