Silver prices are fluctuating today after a strong rally that reached an all-time high of around $59.33 per ounce. The white metal briefly corrected by around 1.4% due to profit-taking, but investor interest remains solid. Inflows into silver-based ETFs last week were the strongest since July, reaching nearly 590 tons, indicating that many market participants believe the silver rally still has room to continue, even though the 14-day RSI indicator is approaching overbought territory and signaling the risk of a technical correction.
Fundamentally, the silver rally is supported by expectations of a Fed rate cut this week, making non-yielding precious metals like silver and gold attractive again. This year, silver prices have more than doubled, outpacing gold's rise by around 60%. This is also supported by technical factors such as a historic short squeeze and high silver lease rates in London of around 6%. Tight supply conditions, particularly stocks in Shanghai near a decade-low, as well as a surge in activity in Comex micro options and futures contracts, are adding to the medium-term bullish sentiment for silver.
The price of silver at the time of this analysis was released was $57,861.
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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