Silver prices surged today, according to data from Phu Quy Group, a precious metals company. Silver bullion with 999 fineness was listed at VND 1,452,000/tael (buying rate) and VND 1,497,000/tael (selling rate), a decrease of VND 29,000/tael and VND 23,000/tael compared to yesterday, respectively.
Meanwhile, the price of 1kg silver bars was VND 38,719,903/bar (buying rate) and VND 39,919,900/bar (selling rate), as of 08:30 on August 21st.
In the global market, silver prices rebounded to reach USD 38.05/ounce.
According to Christopher Lewis, a senior analyst, there is currently no basis for investors to engage in short-selling.
“The $37.50/ounce level continues to be a crucial support zone. This used to be a strong resistance level in the past, so when it turns into support, buying pressure becomes significant,” he said.
However, Lewis noted that the market remains sensitive to the $39/ounce resistance level.
“If this level is broken, prices could move towards $40/ounce, but it is unlikely to happen immediately. We may see some back-and-forth price action,” Lewis added.
At this point, investors are advised to take advantage of price corrections to buy rather than sell short. Only if prices fall below the $35/ounce mark would the uptrend be at risk, according to Lewis. He also pointed out that this is typically a period of lower trading volumes, so sideways price movement in the short term is normal.
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