Silver price corrects after nearing the top of a major range at circa $26.00. The decline could be as a result of fading hopes the Federal Reserve will cut interest rates in the near term. Long-term fundamentals however support, including positive global growth and robust demand. Silver price pulls back at the start of the week and is trading in the $25.10s after reaching close to the top of a long-term range.
Recent data from the US Federal Reserve also showed US Industrial Production beating estimates in February, and an improvement on the negative 0.5% of January. Silver price could be in for more gains as global demand increases for its use in the manufacture of Solar Panels, a wide variety of electronic devices and jewelry, according to Marcus Garvey an analyst at Macquarie.
Source: Digital Coin News (digitalcoinnews.net)
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