{"id":125291,"date":"2024-06-21T08:40:49","date_gmt":"2024-06-21T08:40:49","guid":{"rendered":"https:\/\/kinesis.money\/?p=125291"},"modified":"2024-06-21T08:40:53","modified_gmt":"2024-06-21T08:40:53","slug":"silver-ends-week-positive-note","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/silver-news\/silver-ends-week-positive-note\/","title":{"rendered":"Silver Price News: Silver Ends Week on a Positive Note"},"content":{"rendered":"\n

Silver put in a strong performance yesterday, at one point hitting a two-week high above $30.7\/toz. The metal still appears to be supported above the rising 50-day simple moving average, currently at $29.1\/toz, <\/p>\n\n\n\n

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

However, it remains to be seen whether there is sufficient momentum to challenge the next area of resistance at $30.9\/toz \u2013 $31.2\/toz. Indicators, such as RSI are currently ambiguous. If breached, the next resistance level appears to be $32.2\/toz-$32.5\/toz. Today\u2019s early trading sees silver at $30.7\/toz.<\/p>\n\n\n\n

As explained in some detail in today\u2019s gold report, traditional US rate drivers have become somewhat more challenging in recent trading, so the simple narrative that falling rate expectations are responsible for silver\u2019s performance appear unsound. In any event, silver has historically been less sensitive to interest rates than gold.<\/p>\n\n\n\n

By the same token, silver is also less established as a hedge against geopolitical risk, which we identify as the most likely driver of recent gold price performance. More broadly, we would argue that silver merits more serious consideration as an investment metal as it has a strong secular growth story (photovoltaics) and the market remains in deficit, even in the current absence of strong investment demand.<\/p>\n\n\n\n

Nevertheless, it remains the case that cyclical economic momentum has waned, with the most recent data points of EU car registrations, US building permits and overnight Australian flash PMIs all disappointing. Nevertheless, silver has been quite resilient and China\u2019s price premium has persisted.<\/p>\n\n\n\n

The market calendar for today includes Euro Area, UK and US flash PMI data for June, with a focus on the New Orders sub-component of the Manufacturing PMI as lead indicators of industrial growth.<\/p>\n\n\n\t\t\t

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Mike 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 put in a strong performance yesterday, at one point hitting a two-week high above $30.7\/toz. The metal still appears to be supported above the rising 50-day simple moving average, currently at $29.1\/toz, <\/p>\n","protected":false},"author":51,"featured_media":125292,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[214],"tags":[],"class_list":["post-125291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-silver-news"],"acf":[],"yoast_head":"\nSilver Ends Week on a Positive Note | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver news analysis for today, Friday 21st of June 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=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver 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