Latest situation in silver prices: Ounce below $61, analysts expect $63
With the pullback in silver prices, the ounce price has dropped below $61, while markets are monitoring the $63 resistance.
As a result of recent pullbacks in silver prices, the ounce price has declined below $61, while gram silver is trying to stabilize around the 96 TL threshold.
Silver Prices Declined
The recent pullback in silver prices brought the ounce price below $61. Gram silver, on the other hand, is trying to stabilize around the 96 TL threshold.
Prices hovering near recent lows have brought about debates on whether the selling pressure in the market has come to an end.
Fed Policies Play a Decisive Role
One of the most important headings to determine the direction in silver continues to be the interest rate policy of the US Federal Reserve.
Statements by Fed officials John Williams and Philip Jefferson noting that there should be no rush in rate hikes drew attention.
$63 Stands Out as a Critical Threshold
In the technical outlook, the $63 level for ounce silver is in the focus of the markets as a critical threshold.
With the breakdown of this level, which previously acted as support, $63 has now turned into a resistance position.
Possible Scenarios and Support Levels
According to analysts, an increase of ounce silver back above $63 could indicate that the recovery tendency is strengthening.
In the event that selling pressure accelerates, the $55 level is among the important support points to be monitored.