By ForexTime
But all eyes will be on the incoming US jobs report which could rock silver prices.
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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.
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