Silver Plummets After Setting Record, What's Going On?
Silver fell to around $51.7 per ounce on Monday (October 20th), extending its decline from the previous session after hitting a record high last week. This decline was triggered by investor profit-taking and improving global risk sentiment, following the easing of trade tensions between the US and China, which reduced the appeal of safe-haven assets like silver.
Investors are now shifting their focus to US inflation data due this week, after being delayed due to the government shutdown. Meanwhile, expectations of an interest rate cut by the Fed are adding pressure on silver prices. Last week, the metal surged sharply due to a physical supply crunch in the London market and high demand from India.
The price of silver at the time of this analysis was released was $51.602
- Buy if the price moves within $51.902
- Sell if the price moves within $51.302
Resistance 2: $52.502
Resistance 1: $52.202
Support 1: $51.002
Support 2: $50.702
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
