Silver is currently at $36,075, slightly weakening after selling pressure from the broader precious metals market. Fundamentally, this decline was influenced by the easing of global geopolitical tensions, especially after the ceasefire between Iran and Israel, which reduced demand for safe haven assets such as gold and silver. In addition, economic data from China as the largest consumer of industrial metals still shows weakness, especially from the manufacturing sector, which adds to concerns about short-term demand. From the US side, expectations of an interest rate cut by the Fed in September are pressuring the US dollar, but not strong enough to drive a further rally in the metals market.
Technically, silver appears to be in a consolidation phase after failing to break through resistance in the $36,500 range. The closest support is currently at $35,800, and a break through this level could open up room for a deeper correction towards $35,200. However, if the price stays above $36,000 and the US dollar weakens further ahead of the release of US employment data, then the potential for a rebound remains open with a target of $36,700. The RSI indicator is in the neutral zone, indicating an open opportunity in both directions in the short term.
Source: Newsmaker.id (ayu)
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