Silver Price Analysis: Can $29 Resistance Withstand Amid Federal Reserve and Geopolitical Concerns?
August 19, 2024Shares Near Highs as Investors Anticipate Rate Cuts and Dollar Weakens
August 21, 2024Gold prices bounce back above $2500, driven by strong demand amid expectations of aggressive rate cuts by the Federal Reserve. The Relative Strength Index (RSI) suggests room for further upward momentum with the right catalysts. Silver is testing resistance levels around $28.75 – $29.00 while the gold/silver ratio retreats towards 85.50. A break above $29.00 could propel silver towards the $31.40 – $31.75 resistance range. Meanwhile, platinum remains stable with some traders cashing in profits near weekly highs. A move above $960 could signal a push towards the next resistance levels at $975 – $985.