Silver Prices Stable Around $38.18/oz, Pressure Still Looming
Silver prices were flat on Monday, trading slightly around $38.18 per troy ounce, up just 0.02% compared to last Friday. The early surge last week, which reached a nearly three-week high of around $39.51, has now faded, indicating that bullish momentum is starting to weaken.
Market sentiment has shifted to a risk-on stance, thanks to optimism about a US-EU trade deal that has eased global tensions. Investors are shifting away from safe-haven assets like silver, while appetite for riskier assets like stocks is increasing. Furthermore, the strengthening US dollar and expectations of higher interest rates from the Fed are also limiting silver's upside.
Technically, silver is facing pressure below the key resistance of $38.51—a break below this level could send the price lower toward support at $37.50 or even $36.20. With no macroeconomic catalysts from US economic data and the Fed's decision due this week, silver prices are expected to move within a narrow range, awaiting further signals.
Source: Newsmaker.id
