Silver Price Holds Near $36: Risk-On Sentiment Pressures and Commodity Market Direction
Silver prices traded near $36.00 per troy ounce on Monday (6/30), continuing to consolidate after a strong rally in the past few weeks. Market sentiment shifting to risk-on mode has restrained the precious metal's rise, although medium-term fundamentals remain solid. Investors appear to be shifting some of their capital to riskier assets such as stocks and cryptocurrencies, following improving global economic data and easing geopolitical tensions in the Middle East.
Meanwhile, the still-weakening US dollar provided some support to silver prices. A weaker greenback makes precious metals cheaper for overseas buyers and is usually a positive catalyst for dollar-based commodities. However, market players appear to be awaiting the release of US jobs data this week, which could provide further clues on the direction of the Federal Reserve's monetary policy. If the jobs data shows weakness, expectations of interest rate cuts could strengthen again—potentially pushing silver higher.
On the technical side, silver is currently trading near the short-term support zone in the range of $35.80–$36.00. If the price is able to hold and the buying volume strengthens again, the potential to break through the resistance above $36.50 remains open. However, if the risk-on pressure becomes more dominant and economic data shows strength, the price of silver could experience further correction to the area of $34.90–$35.10. Analysts believe that silver remains an attractive hedge in the long term, especially amid fiscal uncertainty and the potential for upcoming global policy easing.
Source: Newsmaker.id(Arl)
