Silver Faces Pressure, But Trade Optimism Continues to Provide Support
Silver prices continued their decline on Friday, trading around $38.70 per ounce, down about 0.5% compared to the previous day. Despite the daily decline, silver remains on track for a 2% weekly gain, reflecting solid performance amidst volatile markets.
The decline in silver prices was partly due to growing optimism regarding a trade deal between the United States and the European Union, which has reduced demand for safe-haven assets like silver. However, strong industrial demand, particularly from the renewable energy and technology sectors, continues to support silver prices.
Technical analysis indicates that silver prices are facing strong resistance around $39.10 per ounce. If the price manages to break through this level, a potential rally towards $40 per ounce is possible. However, investors should be wary of market volatility that could impact silver price movements in the short term.
Source: Newsmaker.id