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Silver trades higher as demand for solar increases. It hit an intraday high of $32.56 and is currently trading around $32.557.
Tech Innovation Drives Demand
Technology innovation, especially solar technology, is proving to be a strong driving force behind propelling demand for silver. The unparalleled electrical conductivity of silver means it forms the core component of solar panels, and consumption is set to account for 14% of world silver demand by 2025. Emerging solar technologies such as TOPCon and HJT cells consume even more silver, increasing demand. Forecasts suggest as much as 170% greater demand for solar silver up to 2030, representing one-twentieth of all demand for silver. Supply limitations and attempts to maximize the use of silver or substitute it with other materials have not diminished its role in solar, as evidenced by the industry's increasing use of silver.
Trading Strategy and Key Levels for Silver
The commodity is trading above short-term (34 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart. The near-term support is around $31.80 and any violation below will drag the commodity to $31.25/$31/$30/$29.60/$29/$28.40. The immediate resistance is at $32.600 any breach above targets $33.50/$35.
It is good to buy on dips in the $32 range, setting a stop-loss at $31.25 and targeting a price of $33.50.
