Silver price at the close of the session on July 15: reversal recovery, still facing pressure

Domestic silver prices

Below is an update on silver prices on websites at some domestic silver trading units. Data recorded at 5:00 PM on July 15:

World silver price

As of 5:15 PM on July 15 (Vietnam time), the world silver price was listed at 58.12 USD/ounce, up 0.27 USD/ounce compared to the previous day.

Silver price forecast

Silver prices have shown signs of recovery after a sharp drop earlier when the latest US inflation data reduced pressure on the Fed's monetary policy. However, the upward momentum of this precious metal is still facing many challenges as the market continues to assess interest rate prospects, the USD and geopolitical risks.

According to analysts, the important factor supporting silver in the recent session came from the US inflation report being lower than expected. The consumer price index (CPI) in June fell 0.4% compared to the previous month, while core inflation was almost flat. This development caused expectations that the US Federal Reserve (Fed) would continue to raise interest rates to weaken, pulling US bond yields down and creating more favorable conditions for non-performing asset groups such as silver.

In addition, the weakening USD also helps silver become more attractive to investors holding other currencies. As pressure from monetary policy decreases, cash flow tends to return to precious metals after a period of strong correction.

However, experts believe that the silver market has not completely escaped the risky volatility zone. Tensions in the Middle East, especially related to transportation through the Strait of Hormuz, are still factors that could cause major fluctuations.

Rising oil prices due to geopolitical risks may support safe-haven demand, but also increase concerns about inflation and make the Fed more cautious in policy adjustments.

Technically, silver prices currently still need to overcome important resistance zones to confirm the recovery trend. The 59-60 USD/ounce zone is being considered the nearest challenge. If it passes this zone, silver may head towards the 61-62 USD/ounce zone. Conversely, if buying power weakens, the price risks returning to test the support zone around 57-58 USD/ounce.

In the long term, silver still receives support from industrial demand, especially in the fields of renewable energy, electronic component manufacturing and high-tech industries. However, in the short term, price movements still depend heavily on new signals from the Fed, especially after Fed Chairman Kevin Warsh's statements on prioritizing inflation control.

The silver market may continue to struggle in the coming sessions as investors balance expectations of the Fed reducing interest rate pressure and risks from inflation, energy as well as geopolitics. Silver buyers need to be cautious in the face of strong ups and downs, avoiding the psychology of chasing price fluctuations in the short term when the market trend is not really clear.