Silver price fluctuations 2.7: After many weeks of struggling, there is still potential for a breakthrough

Domestic silver price

As of 9:30 a.m. on July 2, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.382 - 1.425 million/tael (buy - sell); an increase of VND2,000/tael for buying and an increase of VND3,000/tael for selling compared to early this morning.

The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.382 - 1.425 million VND/tael (buy - sell); an increase of 2,000 VND/tael for buying and an increase of 3,000 VND/tael for selling compared to early this morning.

At the same time, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 36.853 - 37.999 million VND/kg (buy - sell); an increase of 54,000 VND/kg for buying and an increase of 53,000 VND/kg for selling compared to early this morning.

World silver price

On the world market, as of 9:30 a.m. on July 2 (Vietnam time), the world silver price was listed at 36.04 USD/ounce; up 0.17 USD compared to yesterday morning.

Causes and predictions

The silver market initially increased sharply when opening the trading session on Tuesday, then decreased again to make up for the previous price gap, then rebounded higher. Currently, silver prices are still fluctuating in the same accumulation zone, possibly creating a push to move higher.

In fact, silver has not had much significant fluctuations in price, as we are still in a stalemate that has lasted for several weeks, said Christopher Lewis, senior market analyst. However, this shows that there is always buying power when prices drop slightly".

In this context, he said that investors need to be patient, waiting for prices to adjust to find a reasonable buying point. The price level of 35.48 USD/ounce used to be a strong resistance zone and is now playing a supporting role.

"If prices break above $37.50 an ounce, there is a chance that silver will head towards $40 an ounce," Christopher Lewis said.

He added that silver prices are following the trend of gold and reflecting the weakening of the USD.

"All of these factors are strengthening the prospect of silver continuing to increase in the coming time. Therefore, I prioritize waiting to buy when prices are adjusted and do not have a plan to sell for fake, because I believe that the market will eventually break out stronger" - Christopher Lewis expressed his opinion.