Commodities Analysis by Fawad Razaqzada covering: Gold Futures, Silver Futures, US Dollar Index. Read Fawad Razaqzada's latest article on Investing.com
Silver prices rose at the start of the week, but concerns about a strong dollar and upcoming elections could limit gains.InvestingPro Summer Sale. But with several risk events ahead of us in the next three weeks or so, we may see the dollar remaining largely supported on the dips, which could potentially keep a lid on metals prices.
Investors and central banks who missed the major upward trend will be eager to acquire the precious metal during any significant price drops. Many investors perceive the metals as providing appropriate protection against rising prices after several years of above-forecast inflation eroding the purchasing power of fiat currencies.Friday’s drop in silver has sent the metal below $30 where it was probing liquidity at time of writing and testing key short-term support around $29.50 area.
The metal broke above a major resistance area of $29-$30 earlier this year, although demand concerns over China meant the breakout would quickly run into trouble. Still, the white metal has lots of ground to make up for the yellow metal and it could narrow the price gap to near the historical average over time.
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