Silver's Bullish Momentum Remains Strong, Ready to Touch the Psychological Level of $40?
Silver prices weakened slightly in trading today (August 25th), but market sentiment was still boosted by dovish signals emerging following Fed Chairman Jerome Powell's speech at the Jackson Hole Symposium.
A looser policy tone has pushed US bond yields lower, prompting investors to shift to safe-haven assets like precious metals. Meanwhile, silver's market fundamentals are also increasingly solid amid the ongoing global supply deficit that has persisted since 2020. While supply has declined by almost 1% annually, industrial demand for silver—particularly in the solar panel, electric vehicle, and electronics sectors—continues to increase, reinforcing the long-term bullish outlook.
Technically, silver remains solidly bullish. After breaking through the breakout level of around US$37.87 per troy ounce, the price has the potential to continue its rally towards US$39.53 and even touch the psychological level of US$40 if buying momentum persists.
Technical indicators such as the RSI and MACD continue to indicate a bullish trend, with the majority of moving averages in the "Strong Buy" position. With a combination of fundamental drivers and supportive technical signals, silver is projected to remain a popular asset for investors amidst global uncertainty. (mrv)
Source: Newsmaker.id
