Silver Slips Again; Support Level Under Test
Silver prices weakened during Thursday's trading (August 20), with XAG/USD trading around US$66.71 per troy ounce. This represents a decline of approximately 0.42% from Wednesday's level of US$67.00.
This weakness indicates that silver is struggling to sustain its recovery momentum following significant volatility in recent sessions. The US$67 mark has once again emerged as a critical level that buyers have failed to firmly defend.
Year-to-date, silver prices have fallen by approximately 6.15%, highlighting its lagging performance despite the general support precious metals receive from economic and geopolitical uncertainty.
Silver's price action remains highly sensitive to the US dollar and Treasury yields. A strengthening dollar or rising yields could exert further pressure by increasing the opportunity cost of holding non-yielding assets like silver.
Unlike gold, silver has significant exposure to industrial demand. Consequently, global growth prospects, manufacturing activity, and demand from the technology and renewable energy sectors remain key factors that could determine the metal's next price direction.
Newsmaker Analysis: Silver's bias remains neutral to bearish in the short term as long as the price fails to hold above US$67. If selling pressure persists, attention may shift to the next support level. Conversely, a sustained breakout above US$67 could pave the way for a technical rebound and alleviate selling pressure. (arl)
Source: Newsmaker.id
