{"id":114132,"date":"2024-02-28T09:37:29","date_gmt":"2024-02-28T09:37:29","guid":{"rendered":"https:\/\/kinesis.money\/?p=114132"},"modified":"2024-02-28T09:37:29","modified_gmt":"2024-02-28T09:37:29","slug":"silver-drifts-lower-testing-22","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/silver-news\/silver-drifts-lower-testing-22\/","title":{"rendered":"Silver Price News: Silver Drifts Lower to Test $22.50"},"content":{"rendered":"\n

Silver prices came under downward pressure at the start of the week, falling as low as $22.46 an ounce<\/a> on Tuesday. That compared with around $22.95 an ounce at the end of the previous week.<\/p>\n\n\n\n

The backdrop for silver markets was more subdued at the start of the week, with gold prices struggling to build on the previous week\u2019s gains.<\/p>\n\n\n\n

Silver prices did manage to reach $22.70 an ounce on Tuesday, only to slip back to around $22.50 an ounce later in the session.<\/p>\n\n\n\n

US durable goods orders figures for January were released Tuesday showing a 6.1% drop from the previous month \u2013 larger than the market\u2019s expected 4.5%. The figures were notionally bullish from a monetary policy perspective, as they imply the need for interest rate cuts. However, the implication for industrial demand for silver was negative as durable goods include electronics and medical equipment \u2013 both sources of industrial demand for the metal.<\/p>\n\n\n\n

Looking at the longer-term charts, silver prices are still in the middle of the range seen over the last 12 months, roughly bounded by $20.00 an ounce at the low end and $26.00 an ounce at the top. More recently in the last four months, $22.00 an ounce has emerged as a tentative support level, leading to speculation that the market could be finding a longer-term base.<\/p>\n\n\n\n

In the short-term, the markets will be watching out for Wednesday\u2019s US GDP growth rate figures for Q4 2023 for any signs of monetary policy direction, as well as Japanese industrial production figures for January.4<\/p>\n\n\n\t\t\t

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Frank\u2019s experience 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<\/a>\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 came under downward pressure at the start of the week, falling as low as $22.46 an ounce on Tuesday. That compared with around $22.95 an ounce at the end of the previous week.<\/p>\n","protected":false},"author":50,"featured_media":114160,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[91,214],"tags":[],"class_list":["post-114132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-silver-news"],"acf":[],"yoast_head":"\nSilver Drifts Lower to Test $22.50 | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver news analysis for today, Wednesday 28th of February 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver 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