Silver Still Sought After, But Under Pressure
Silver prices are still struggling to rise steadily due to the current risk-on global market sentiment. Hopes for a US-China trade deal have made investors more willing to invest in stocks and riskier assets, rather than seeking safe havens like gold and silver. Furthermore, the market is also awaiting the Fed's decision. If the Fed continues to sound cautious after cutting interest rates, bond yields could remain high, making silver less attractive in the short term. This situation makes silver vulnerable to declines if profit-taking occurs.
However, from a fundamental perspective, silver still has a strong story. Industrial demand from electric vehicles, solar panels, electronics, and data centers remains high, while physical supply is not easily replenished. This means that, although prices fluctuate day-to-day due to market sentiment, many analysts still see silver as attractive in the medium term due to the continued rise in real demand in industry. So, the picture is this: short-term silver is still driven by market psychology and the Fed's comments, but long-term support is still provided by the clean energy and technology sectors.
The price of silver at the time of this analysis was released was $47,485.
- Buy if the price moves within $47,785.
- Sell if the price moves within $47,185.
Resistance 2: $48,385.
Resistance 1: $48,085.
Support 1: $46,885.
Support 2: $46,585.
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
