Silently Rising, Silver Ready to Break Through Critical Level?
The price of silver is currently moving around the level of $36,224 per ounce, recording a steady strengthening after a sharp rally in the past two weeks. Fundamentally, market sentiment towards precious metals is still positive, driven by expectations of a Federal Reserve interest rate cut in the second half of 2025. In addition, concerns about the US fiscal condition after the ratification of the new tax bill have also encouraged investors to seek hedge assets such as silver and gold.
From a technical perspective, silver is still trading above strong support in the range of $35,800. As long as the price stays above this level, the short-term trend remains in the bullish zone. However, the RSI indicator is starting to show overbought conditions, which means there is potential for a mild correction in the near future before continuing to rise.
Market players are now waiting for the release of US employment data and the official decision from OPEC+ which could indirectly affect the US dollar—and ultimately affect the movement of silver. If US economic data weakens and the dollar continues to be under pressure, then silver prices could retest the next resistance above $36,500 per ounce.
Source: (ayu-newsmaker)
