Silver price today: Silver hits $64.78 on September 25 - here's why $63 and $70 are the key levels to watch
In this news:
Key takeaways
- Silver was trading at $64.78 per ounce on September 25.
- Analysts identified $63 as key support and $70 as upside resistance.
- Elevated interest rates and strong industrial demand continue to shape the market.
Silver was trading at $64.78 an ounce on Friday, September 25, as the metal remained within a range that FXEmpire says has been shaped by elevated interest rates. According to Fortune, silver was priced at $64.78 per ounce at 9 a.m. ET on September 25. Fortune also reported that silver had rallied nearly 25% last year, reaching decade-high territory.
As per the latest precious-metals update, the price of silver is at $64.78 per ounce at 9 a.m. ET Friday. The report said silver's gains over the past year have outpaced gold, while also noting that analysts expect continued strength in silver and possible new highs. Fortune said scarcity of supply and growing demand from industrial applications and investors have likely contributed to silver's rise over the past year.
Silver price forecast and key levels
FXEmpire's Christopher Lewis said silver remains range-bound, with the metal testing its 50-day and 200-day exponential moving averages around $65. The analysis identified $70 as a key level on the upside and $63 as support on the downside. Lewis said the flat moving averages suggest that silver could continue to trade within a range.
According to the FXEmpire analysis, a move above $70 would represent a major change in the current setup. A break below $63 could open the way toward $60.
Impact of interest rates on silver
FXEmpire said elevated interest rates continue to create a problem for silver because the metal is sensitive to rates. Lewis said the market is facing high interest rates while also seeing strong demand. He described rates as a headwind for silver and said the metal could remain compressed within its current range, as per FXEmpire.
The FXEmpire analysis also pointed to rising 10-year US Treasury yields and Middle Eastern headlines as factors affecting the market.
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