Silver prices edged lower Thursday, losing further ground after a generally bearish week for the market.
Prices briefly dipped as low as $22.53 per ounce before trading in a range of $22.70 to $22.85 per ounce for the rest of the day. That compares with as high as $23.33 per ounce on Monday.
The generally weaker trend through the week reflects a more bearish mood in the financial markets, which are forward-looking in nature, suggesting a cloudier outlook for economies overall. Most major stock market indices have shown a downward trend through much of October.
Looking ahead, the markets will be watching out for monthly industrial production figures from Korea and Japan on Tuesday next week, as well as Chinese NBS Manufacturing PMI data.
Looking at the longer-term charts, silver prices are still displaying a downward trend channel that has emerged since prices climbed above $26 per ounce in April. Any further downside moves in the price could offer an opportunity to test trend support at just above the $21 per ounce mark.
The longer-term outlook remains positive for silver prices, which have suffered an annual supply deficit since 2021. This should be further aided by long-term shifts in the industry along the energy transition theme, which includes increased demand for solar panels, batteries, semiconductors, nuclear reactors and a wide range of other applications for the grey metal.
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