Silver Prices Remain Stable Above US$43, Market Awaits New Signals
Silver prices continue to show strength after breaking through the key level above US$44.00 per troy ounce. Global market sentiment, influenced by expectations of a Federal Reserve interest rate cut, a weakening US dollar, and solid industrial demand, are the main drivers of this precious metal's rally.
Global silver prices have again recorded a sharp increase, continuing the rally that has been underway for the past few weeks. This is not only driven by industrial demand and expectations of a Federal Reserve interest rate cut, but also by a number of other factors that have strengthened this precious metal's movement.
One of the main drivers is the weakening US dollar, which makes silver relatively cheaper for international buyers. This situation increases demand and adds buying pressure in the market.
Furthermore, geopolitical tensions in several regions of the world have prompted investors to seek alternative safe haven assets besides gold. Silver is seen as an attractive option because it is more affordable, liquid, and has long-term demand prospects.
Silver's rise is also closely linked to the gold rally. When gold breaks new record prices, many investors turn to silver, which is still considered undervalued. Fund inflows into investment instruments such as silver ETFs and speculative buying are further strengthening momentum.
Technically, silver is currently trading steadily above the US$43.70 area, with a medium-term bullish trend. Immediate resistance lies in the US$44.50-US$47.00 range, while strong support has formed in the US$43.00-US$42.00 area. Momentum indicators such as the Relative Strength Index (RSI) and MACD (MACD) continue to show positive signals, although the potential for a short-term correction remains open due to relatively overbought market conditions.
Going forward, silver price movements will be heavily influenced by the release of US economic data, including PMI and inflation figures, as well as statements from Fed officials regarding the direction of interest rate policy. If buying pressure remains strong, some analysts even see the potential for silver prices to reach the psychological level of US$50 per troy ounce in the medium term.
Source: Newsmaker.id
