Silver Rises Slightly, Market Speculates Fed Will Cut Interest Rates
Silver prices are at $36,118 per ounce, reflecting a consolidation phase after a strong rally that took it to a record 13 years ago. Fundamentally, the weakening US Dollar and expectations of an interest rate cut by the Fed provide support for demand for safe-haven assets such as silver. In addition, strong industrial demand, especially from the renewable energy and electronics sectors, which account for more than 50% of global consumption, also support prices.
RECOMMENDATION.
- Buy if the price breaks above $36,258
- Sell if the price breaks above $35,978
Resistance 2: $36,858
Resistance 1: $36,558
Support 1: $35,678
Support 2: $35,378
Note: This article is for analytical purposes only and is not a definitive reference. Please pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id