Is Silver Cheap Again or in Danger?
Silver fell to around $48 per ounce, continuing its correction after falling more than 6% last week. Safe-haven sentiment weakened as the market grew more confident that US-China trade relations would ease ahead of the Trump-Xi meeting. The US said 100% tariffs were almost certainly canceled, and China was prepared to withhold rare earth exports for a year. As global tensions eased, hedging interest also declined.
At the same time, the Fed is expected to cut interest rates this week after US inflation data softened. Lower interest rates are usually good for precious metals like silver because silver doesn't pay interest. So, the situation is mixed: long-term fundamentals are still pro-silver, but short-term markets are risk-on, so prices are still easily bearish.
The price of silver at the time of this analysis was released was $48,157
- Buy if the price moves within $48,457
- Sell if the price moves within $47,857
Resistance 2: $49,057
Resistance 1: $48,757
Support 1: $47,557
Support 2 : $47,257
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
