Silver Falls Slightly, Remains in the High Zone
Silver (XAG/USD) traded at $40.855 today, down around 0.36%. The weakness follows last week's strong rally, with the market opting for consolidation while awaiting new catalysts. The short-term bias remains constructive as long as the price remains within the $40 area.
Sentiment-wise, expectations of a Fed rate cut remain a medium-term support, but a temporary strengthening of the US dollar and profit-taking have weighed on intraday movements. Industrial demand (solar/EVs) helped limit the decline, while safe-haven flows followed gold and US Treasury yields.
Technically, the nearest resistance level is seen at $41.20–$41.50; a clear break opens the door to a test of $42.00. Below, initial support lies at $40.50 and then $40.00; a breach increases the risk of a correction towards $39.50.
Looking ahead: US inflation data release, comments from central bank officials, and manufacturing activity/metals demand data. Traders can consider a buy-on-dip strategy near support or a buy-on-breakout strategy above $41.50, with a tight stop-loss strategy to manage risk. (ayu)
Source: Newsmaker.id
