Silver Breaks Record, Short Squeeze Shakes Market
Silver prices surged to an all-time high on Tuesday (October 14th), breaking through USD 52.50 per ounce, driven by a short squeeze that triggered a surge in demand in the London market. Tight supply and high lease rates exacerbated market pressure, prompting traders to rush to close their short positions.
This surge occurred amid rising industrial demand for silver, particularly from the electronics and renewable energy sectors, as well as investor interest as a hedge against inflation and global uncertainty. However, some analysts warn that the silver market is relatively small and vulnerable to a sharp correction if capital flows reverse.
The price of silver at the time of this analysis was released was $52.918
- Buy if the price moves within the $53.218 range
- Sell if the price moves within the $52.618 range
Resistance 2: $53.818
Resistance 1: $53.518
Support 1: $52.318
Support 2: $52.018
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
