Silver prices at the close of the session on July 21: Simultaneously increasing

Domestic silver prices

Below is an update on silver prices on websites at some domestic silver trading units. Data recorded at 7:00 PM on July 21st:

World silver price

As of 7:10 PM on July 21 (Vietnam time), the world silver price was listed at 58.76 USD/ounce, up 2.04 USD/ounce.

Silver price forecast

World silver prices had a recovery session after a sharp drop before when a part of investors returned to buying at low prices. However, the current upward momentum is still not really certain as the market continues to be affected by US bond yields, the strength of the USD and mixed signals about monetary policy from the US Federal Reserve (Fed).

The rebound in silver prices mainly comes from investors' status buybacks after the adjustment period. However, the resistance to this precious metal is still quite large as US Treasury bond yields remain high. This reduces the attractiveness of non-cash-generating assets such as silver, while making investors more cautious in expanding positions.

The market is currently closely monitoring new signals from the Fed after some US economic data shows that the picture is not completely clear. While inflation data shows signs of cooling down, some indicators on consumption, labor market and manufacturing activity still maintain stability. This makes expectations about the time the Fed changes interest rate policy have not created strong enough momentum for the precious metal.

Besides the interest rate factor, geopolitical developments in the Middle East continue to be an important variable for silver prices. Tensions related to energy transport routes may support safe-haven demand, but at the same time also increase concerns about inflation through oil prices. As energy prices rise, inflationary pressure may extend, causing the Fed to maintain a cautious stance and put pressure on the precious metals group.

Technically, although silver has recovered, the short-term trend still needs more confirmation signals. The 58-59 USD/ounce zone is being considered an important resistance area. If it crosses this zone with strong buying power, silver prices may expand their recovery momentum. Conversely, if the upward momentum is not maintained, the market is at risk of returning to test lower support zones.

In the long term, silver still receives support from industrial demand, especially in the fields of renewable energy, electronic component manufacturing and high technology. However, in the short term, price movements still largely depend on US monetary policy, bond yields and the psychology of global investors.

Silver prices may continue to fluctuate strongly in the near future as the market waits for new economic data. Investors need to be cautious with chasing purchase decisions when prices increase rapidly, because corrections may still appear if interest rate expectations change.