Silver is once again being sought after by market participants.
Silver hit an all-time high above $54 per ounce on Friday and is expected to strengthen by around 8% this week, supported by tightening global supply and strong demand for safe-haven assets.
The market was shaken after two regional US banks disclosed loan issues involving alleged fraud, raising concerns about broader credit market stress.
The price of silver at the time of this analysis was released was $53,811.
- Buy if the price moves within $53,750.
- Sell if the price moves within $53,900.
Resistance 2: $54,091.
Resistance 1: $53,951.
Support 1: $53,671.
Support 2: $53,531.
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