Domestic silver prices
As of 9:50 am on January 20, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Bank Jewelry Company Limited (Sacombank-SBJ) was listed at the threshold of 3.537 - 3.627 million VND/tael (buying - selling); an increase of 9,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 3.521 - 3. 630 million VND/tael (buying - selling); an increase of 19,000 VND/tael on the buying side and an increase of 20,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver bars (1kg) at Phu Quy Jewelry Group is listed at 93.893 - 96.799 million VND/kg (buying - selling); an increase of 507,000 VND/kg on the buying side and an increase of 533,000 VND/kg on the selling side compared to yesterday morning.
World silver prices
On the world market, as of 9:55 am on January 20 (Vietnam time), the world silver price was listed at 93.06 USD/ounce; up 0.12 USD compared to yesterday morning.
Causes and forecasts
Silver prices continued to increase sharply after a notable breakthrough in the first trading session of the week. This development shows that the silver market still reacted very quickly and positively as soon as the first signs of an upward trend appeared.
According to precious metal analyst Christopher Lewis at FX Empire, the first trading session of the week took place on the very day Martin Luther King Jr. - a holiday in the US - so liquidity and trading volume were somewhat limited. However, he believes that this factor does not change the nature of the trend.
In fact, the dien bien of silver is quite similar to the gold market at the same time, reflecting the continuation of the upward trend that has formed before, rather than a short-term fluctuation due to technical factors" - Christopher Lewis commented.
From a technical perspective, Christopher Lewis believes that short-term corrections of silver prices are forecast to receive significant support around the 90 USD/ounce mark. This is a round price threshold with great psychological significance and is often closely monitored by many investors.
In the event that prices fall further, the next support zones are determined around 87 USD/ounce and lower at 80 USD/ounce" - he said.
In the current context, the expert said that the possibility of silver prices heading towards the 100 USD/ounce mark is quite clear. However, Christopher Lewis recommends that investors should not rush to open positions that are too large.
The fear of missed opportunities (FOMO) can cause many people to rush into the market at high prices, increasing risks. A more reasonable strategy is to wait to buy when prices adjust, while strictly controlling trading volume" - Christopher Lewis put forward his opinion.
See more news related to silver prices HERE...
