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Silver recovered overnight after a sharp pullback driven by profit-taking following a rapid year-to-date surge of more than 25%. Silver last seen at 91.29 levels, OCBC’s FX analysts Sim Moh Siong and Christopher Wong note.
💡 DMK Insight
Silver’s bounce back to 91.29 after a profit-taking dip is a crucial moment for traders. After a stellar 25% year-to-date rise, the recent pullback was expected as traders locked in gains. This recovery signals potential strength, especially if it can hold above key support levels. Watch for resistance around 92.50; a break above could trigger further bullish momentum. Conversely, if silver slips below 90, it may signal a deeper correction. Given the current market volatility, especially in commodities, this could also impact correlated assets like gold, which often moves in tandem with silver. Keep an eye on broader economic indicators, particularly inflation data, as they could influence precious metals’ demand in the coming weeks.
📮 Takeaway
Monitor silver’s ability to maintain above 90; a hold could lead to a test of 92.50 in the near term.
