Silver Approaches New Breakout Point - Why?
Silver prices edged higher today after previously surging to their highest level in over a decade, driven by two main factors: strong industrial demand (particularly from the solar and electronics sectors) and a years-long supply deficit. Meanwhile, while real interest rates and a strong US dollar are putting pressure on precious metals because they don't yield interest, silver remains supported by its position as a strategic industrial metal—not just a safe haven asset.
The price of silver at the time of this analysis was released was $47,629
- Buy if the price moves within the $47,929 range
- Sell if the price moves within the $47,329 range
Resistance 2: $48,529
Resistance 1: $48,229
Support 1: $47,029
Support 2: $46,729
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