By ForexTime
But all eyes will be on the incoming US jobs report which could rock silver prices.
Monday, 30th September
Tuesday, 1st October
Wednesday, 2nd October
Thursday, 3rd October
Free Reports:
Friday, 4th October
Well, the white metal has been trending higher – touching its highest level since 2012.
It has also outperformed gold on a week-to-date (wtd), month-to-date (mtd) and year-to-date (ytd) basis:
Investor appetite for precious metals jumped after the Federal Reserve cut interest rates for the first time in 4 years.
But silver is also drawing strength from the possibility of increased industrial use after China unleashed a wave of stimulus to revive its economy.
These fundamental forces point to further gains for silver which has moved in tandem with gold 83% of the time in any given 5-day period over the past 5 years.
What are the market forecasts for the September NFP report?
Traders are currently pricing in a 49% probability of a 50 bp Fed cut by November with a 90% probability that 75 bp worth of cuts will be achieved by the end of 2024.
It will be wise to keep a close eye on speeches by numerous Fed officials which may provide insight into future Fed moves – resulting in potential volatility for precious metals including silver.
Silver is trending higher on the daily charts with prices above the 50, 100 and 200-day SMA. However, the Relative Strength Index (RSI) is close to 70 – indicating that prices are near overbought territory.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
By JustMarkets At the end of Thursday, the Dow Jones (US30) Index was down 0.90%.…
By RoboForex Analytical Department The AUD/USD pair fell to 0.6566 on Friday, marking its lowest since…
By ForexTime US500 ends October ↓ 1%, still up ↑ 20% YTD April & October…
Source: Streetwise Reports (10/30/24) Bob Moriarty of 321gold sat down with Francis Hunt of The…
By JustMarkets The Dow Jones (US30) Index was down 0.22% on Wednesday. The S&P 500…
By JustMarkets At the end of Tuesday, the Dow Jones Index (US30) fell by 0.36%.…
This website uses cookies.