Silver Faces Resistance After Recent Rally
Silver remained above $32 per ounce on Sunday after recent volatility, supported by a weaker dollar on soft US economic data and easing global trade war concerns.
On Friday, silver hit a three-month high, driven by strong industrial demand, particularly in electrification and manufacturing. Reports showed China added 357 gigawatts of solar and wind power in 2024, boosting industrial silver use. Meanwhile, India’s Oil and Natural Gas Corp pledged INR 1 trillion for renewable energy, and Indonesia aims to add 17 gigawatts of solar capacity.
Key resistance is at 33.15, with further levels at 33.80 and 34.50. Support stands at 31.40, followed by 30.90 and 30.20.
On Friday, silver hit a three-month high, driven by strong industrial demand, particularly in electrification and manufacturing. Reports showed China added 357 gigawatts of solar and wind power in 2024, boosting industrial silver use. Meanwhile, India’s Oil and Natural Gas Corp pledged INR 1 trillion for renewable energy, and Indonesia aims to add 17 gigawatts of solar capacity.
Key resistance is at 33.15, with further levels at 33.80 and 34.50. Support stands at 31.40, followed by 30.90 and 30.20.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.