{"id":135768,"date":"2024-10-16T11:16:37","date_gmt":"2024-10-16T11:16:37","guid":{"rendered":"https:\/\/kinesis.money\/?p=135768"},"modified":"2024-10-16T11:19:53","modified_gmt":"2024-10-16T11:19:53","slug":"silver-higher-european-data","status":"publish","type":"post","link":"https:\/\/kinesis.money\/fr\/market-analysis\/silver-news\/silver-higher-european-data\/","title":{"rendered":"Silver Price News: Silver Sidles Higher on Better European Data"},"content":{"rendered":"\n

Silver has traded with a mild positive bias this week despite the absence of significant market catalysts. <\/p>\n\n\n\n

At the margin, fundamental support has improved somewhat, with both August Eurozone Industrial Production and the October Eurozone ZEW Economic Sentiment Index proving better than expected yesterday. <\/p>\n\n\n

\n
\"silver
KAG\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

<\/p>\n\n\n\n

ECB rate cut and press conference<\/h2>\n\n\n\n

Looking forward, while a rate cut from the European Central Bank on Thursday is very much discounted in the market, the subsequent press conference may give further guidance on future, silver-supportive, rate cuts. In the meantime, silver starts Wednesday trading around $31.7\/toz.<\/p>\n\n\n\n

China\u2019s reflation strategy and impact on silver<\/h2>\n\n\n\n

However, a resolution of China\u2019s reflation strategy remains a significant gap in the global reflation story, and support for silver industrial demand. It seems clear from the recent performance of the domestic stock market that investors are losing patience, though Friday\u2019s China Q3 GDP data release might prompt much-needed clarity on policy going forward.<\/p>\n\n\n\n

Silver technical analysis and key levels<\/h2>\n\n\n\n

Technically, silver has oscillated around its 20-day Simple Moving Average in recent sessions, and this currently lies at $31.4\/toz. To the immediate upside lies resistance at the 23.61% Fibonacci retracement of the of the 9 September-4 October uptrend at $31.72\/toz, while proximate support is provided by the 38.2% Fibonacci retracement at $30.95\/toz. Further support is seen at $30.36\/toz (major descending oblique), $29.71\/toz (61.8% Fibonacci retracement), $29.58\/toz (major ascending oblique) and $28.40\/toz (major descending oblique).<\/p>\n\n\n\n

To the upside, major horizontal resistance remains at $32.06\/toz and a sustained move above this level is required to reveal an initial breakout target at the 23.61% Fibonacci extension level of $34.20\/toz. However, we note that momentum, although improving, remains quite weak and additional ascending oblique resistance is currently present at $32.59\/toz.<\/p>\n\n\n\n

Upcoming economic data to watch<\/h2>\n\n\n\n

Data for silver investors includes today\u2019s August Japan Machinery Orders and both September US Industrial Production data and the ECB-post rate decision press conference on Thursday.<\/p>\n\n\n\t\t\t

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Mike<\/a> is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/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.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/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 has traded with a mild positive bias this week despite the absence of significant market catalysts.  At the margin, fundamental support has improved somewhat, with both August Eurozone Industrial Production and the October Eurozone ZEW Economic Sentiment Index proving better than expected yesterday.  ECB rate cut and press conference Looking forward, while a rate […]<\/p>\n","protected":false},"author":51,"featured_media":135945,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[214],"tags":[],"class_list":["post-135768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-silver-news"],"acf":[],"yoast_head":"\nSilver Price News: Silver Sidles Higher on Better European Data - Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver price news analysis for today, Wednesday 16th of October 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver Price News: Silver Sidles Higher on Better European Data\" \/>\n<meta property=\"og:description\" content=\"Discover Kinesis' silver price news analysis for today, Wednesday 16th of October 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kinesis.money\/market-analysis\/silver-news\/silver-higher-european-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Kinesis\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-16T11:16:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-16T11:19:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kinesis.money\/wp-content\/uploads\/2024\/10\/silver-news-feature-silver-sidles-higher-on-better-european-data.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"529\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Ingram\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:description\" content=\"Discover Kinesis' silver price news analysis for today, Wednesday 16th of October 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Ingram\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-higher-european-data\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-higher-european-data\\\/\"},\"author\":{\"name\":\"Mike Ingram\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/#\\\/schema\\\/person\\\/589c930415cb13add9bd2be349d91f61\"},\"headline\":\"Silver Price News: Silver Sidles Higher on Better European Data\",\"datePublished\":\"2024-10-16T11:16:37+00:00\",\"dateModified\":\"2024-10-16T11:19:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-higher-european-data\\\/\"},\"wordCount\":332,\"image\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-higher-european-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/kinesis.money\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/silver-news-feature-silver-sidles-higher-on-better-european-data.jpg\",\"articleSection\":[\"Silver News\"],\"inLanguage\":\"fr-FR\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-higher-european-data\\\/\",\"url\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-higher-european-data\\\/\",\"name\":\"Silver Price News: Silver Sidles Higher on Better European Data - 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