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Silver price holds above $34 on strong demand. It hit a high of $34.27 yesterday and is currently trading around $34.05.
In September 2024, demand for silver in the industry continued to grow, mainly due to its key uses in renewable energy and electronics. Silver use in solar panels is rising sharply, especially with new high-efficiency technologies. The automotive sector, particularly electric vehicles, is also increasing silver demand. Economic factors like China's stimulus and low U.S. interest rates are making silver more attractive. Overall, with supply shortages and strong industrial needs, silver is likely to see continued growth and investment interest.
Gold-silver ratio-
Gold/Silver ratio-79.92. The gold-silver ratio decreased from 86.48 to 79.91 showing that silver outperformed gold in the past few days. A ratio above 80 often suggests that silver may be a more attractive investment compared to gold.
Major trend reversal level -$34.50
It trades above 34, 55- EMA and above 200 and 365 Hull EMA in the 4- hour chart. The near-term support is around $33.70 and a break below the target of $33/$32.70/$32. On the higher side, immediate resistance is around $34.50 and any breach above targets $34.73/$35/$36.
It is good to buy on dips around $33 with SL around $32 for a TP of $35.
