Silver prices are currently trading around $38,030 per ounce, relatively stable after experiencing selling pressure. Fundamentally, this precious metal remains supported by expectations of a Fed interest rate cut, which has boosted interest in non-yielding assets. However, market optimism regarding the possibility of a Russia-Ukraine peace deal is curbing demand for safe havens. Furthermore, the strengthening US dollar is a limiting factor for the silver price rally.
Technically, silver is still moving in a consolidation phase after rejecting further gains. Nearest support is seen around $37,800, while strong resistance lies in the $38,400-$38,600 range. As long as the price holds above this support, a rebound towards resistance remains potential. However, a breakdown could lead to a deeper correction towards $37,500.
Silver prices at the time of writing were at $38,030/Toz.
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Pay attention to developments in fundamental and technical aspects of trading before making investment decisions.
Source: Newsmaker.id
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