Silver Analysis by zForex Research Team
Silver Surges to $31.7 on Fed Speculation and Supply Deficit
Silver jumped past $31.7 per ounce on Thursday, a six-week high, as Fed policy speculation boosted demand for non-yielding assets.
The Silver Institute projected a fifth straight annual supply deficit despite higher output from China, Canada, and Chile.
Investors also assessed industrial demand, particularly from Chinese solar panel manufacturers, a key driver of silver consumption.
Technically, the first resistance level will be 32.00 level. In case of this level’s breach, the next levels to watch would be 32.50 and 32.90 consequently. On the downside 30.90 will be the first support level. 29.80 and 29.30 are the next levels to monitor if the first support level is breached.
Silver jumped past $31.7 per ounce on Thursday, a six-week high, as Fed policy speculation boosted demand for non-yielding assets.
The Silver Institute projected a fifth straight annual supply deficit despite higher output from China, Canada, and Chile.
Investors also assessed industrial demand, particularly from Chinese solar panel manufacturers, a key driver of silver consumption.
Technically, the first resistance level will be 32.00 level. In case of this level’s breach, the next levels to watch would be 32.50 and 32.90 consequently. On the downside 30.90 will be the first support level. 29.80 and 29.30 are the next levels to monitor if the first support level is breached.
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