Silver prices are now stable around $57 per ounce after hitting an all-time high near $59 earlier in the week. A decline of more than 2% in the previous session ended an eight-day rally and pushed silver out of overbought territory, as many traders opted to take profits from the recent rapid rise.
Nevertheless, the underlying sentiment remains positive as the market is almost certain the Federal Reserve will cut interest rates at its meeting next week, which typically benefits non-yielding precious metals like silver and gold. At 7:45 a.m. Singapore time, silver edged down 0.2% to $57.02 per ounce, gold held steady around $4,205 per ounce, while platinum and palladium also barely moved. (az)
Silver price at the time of this analysis was released was $57,445.
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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