{"id":142682,"date":"2024-12-02T09:00:00","date_gmt":"2024-12-02T09:00:00","guid":{"rendered":"https:\/\/kinesis.money\/?p=142682"},"modified":"2024-12-02T12:03:48","modified_gmt":"2024-12-02T12:03:48","slug":"silver-climbs-after-dip","status":"publish","type":"post","link":"https:\/\/kinesis.money\/de\/market-analysis\/silver-news\/silver-climbs-after-dip\/","title":{"rendered":"Silver Price News: Silver Climbs After Dip Below $30.00 Attracts Buyers"},"content":{"rendered":"\n

Silver prices made gains for a second day on Friday, helping to pare their week-on-week losses, as the market took support from modest gains in gold.<\/p>\n\n\n\n

Prices rose as high as $30.91 an ounce on Friday, compared with around $30.28 an ounce in late deals on Thursday.<\/p>\n\n\n\n

Silver fell as low as $29.71 an ounce on Thursday \u2013 the first time the grey metal has fallen below the $30.00 an ounce level since mid-November. This appeared to reignite buy-side interest, sending prices higher by the end of the week.<\/p>\n\n\n\n

However, silver looked a little softer going into Monday\u2019s session, dipping to around $30.20 an ounce.<\/p>\n\n\n\n

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Silver KAG\/USD \u2013 1hr view \u2013 Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

Softer US Dollar helps underpin silver<\/h2>\n\n\n\n

A degree of support for silver came on Friday in the form of a weaker US dollar, which tends to make dollar-denominated precious metals cheaper for buyers in other currencies.<\/p>\n\n\n\n

In addition, silver, like gold, continues to benefit from expectations of a further 25 basis-point cut to US interest rates in December, which would reduce the opportunity cost of holding non-interest-bearing assets.<\/p>\n\n\n\n

Technical analysis<\/h2>\n\n\n\n

On the technical charts, silver prices have shown some reluctance to go below several key support areas last week, notably the $30.00 psychological level; oblique minor support at $29.89 and the 61.8% Fibonacci retracement level of $29.74 an ounce, which is based on silver\u2019s August-to-October bullish move. All of this suggests prices may be finding something of a base at current levels of around $30.00 to $31.00 an ounce.<\/p>\n\n\n\n

Upcoming events<\/h2>\n\n\n\n

Looking ahead, Monday will bring the latest US ISM manufacturing PMI figures for November, followed by the JOLTs job openings for October on Tuesday, for the latest update on the US economy. Further out, Wednesday will see the US ISM services PMI figures for November and a speech by US Fed Chair Jerome Powell later in the evening, which may provide further signals on economic conditions in the US.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience<\/a> covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Silver prices made gains for a second day on Friday, helping to pare their week-on-week losses, as the market took support from modest gains in gold. Prices rose as high as $30.91 an ounce on Friday, compared with around $30.28 an ounce in late deals on Thursday. Silver fell as low as $29.71 an ounce […]<\/p>\n","protected":false},"author":50,"featured_media":142758,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[214],"tags":[],"class_list":["post-142682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-silver-news"],"acf":[],"yoast_head":"\nSilver Price News: Silver Climbs After Dip Below $30.00 Attracts Buyers | Kinesis<\/title>\n<meta name=\"description\" content=\"Silver prices made gains for a second day on Friday, helping to pare their week-on-week losses. 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