Silver
Silver is trading around the 49.50 support area, and it is likely to break lower to target the 45 area, while this scenario is invalidated by breaching the 54 resistance area to the upside during today’s trading.
|
Support |
49.50 | 45 |
| Resistance | 54 |
58 |
Silver prices declined by 3.16% during today’s trading session, reaching approximately $49.05 per ounce and giving up gains from the previous session, amid persistent selling pressure across precious metals and weakening investor appetite for riskier assets. The decline coincided with renewed concerns over U.S. inflation and interest rates following a rise in oil prices triggered by reports of a U.S. strike on Iran’s Qeshm Island. A broader selloff in technology and artificial intelligence stocks also added pressure on silver, as some investors liquidated positions to raise cash. The metal has fallen by approximately 19.66% over the past month, reflecting continued price weakness despite recent recovery attempts.
Markets are closely monitoring the outcome of the U.S. midterm elections, developments in Middle East tensions, and expectations surrounding Federal Reserve monetary policy, as these factors are expected to play a key role in determining silver’s price direction in the coming period.
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