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London
July 19, 2024
PI Global Investments
Silver

🥈 SILVER returns above $30


📈Silver gains over 3% and moves back above $30 mark

Precious metals are trading higher today – gold gains 1.3%, platinum adds 0.3%, palladium gains 2.3% and silver rallies over 3%. The move higher is somewhat puzzling, given that US dollar is holding firm and today’s central bank decisions have been mixed. On one hand, Swiss National Bank decided on another 25 basis point rate cut, but Bank of England and Norges Bank held rates unchanged. Moreover, Norges Bank hinted that rates in Norway may stay at current levels for the remainder of the year.

US housing market data released today turned out to be a big disappointment, showing unexpected declines in building permits and housing starts, and this could boost markets odds for quick Fed rate cuts. However, the aforementioned flat performance of the US dollar does not support this view as more dovish Fed pricing should put pressure on the greenback.

Gains on SILVER can be, however, driven by investment demand. The latest data on ETF holdings has shown a 0.6% increase in silver holdings yesterday. Gold holdings ticked 0.1% lower yesterday, while platinum and palladium ETF holdings remain virtually unchanged.

Taking a look at SILVER chart at H4 interval, we can see that the precious metal is enjoying strong gains today. Price broke above the $29.80 resistance zone marked with previous price reaction and 200-period moving average (purple line). Gains accelerated later on, and SILVER returned above the psychological $30 mark. Overall, SILVER is continuing rebound launched after a failed attempt at breaking below the lower limit of the Overbalance structure at $28.75.

Source: xStation5

 

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.





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