Silver Price News: Silver Pulled Higher As Gold Hits New Peaks

Silver prices made a more convincing move higher on Tuesday, building on Monday’s moderate gains, as gold pushed up to set yet another all-time high.

Prices climbed to an intraday high of $34.59 an ounce on Tuesday, up from around $33.70 an ounce in late trades on Monday. The strength at the start of the week comes in the context of silver’s recent 12-year high of $34.89 an ounce on October 22.

Precious metals enjoying a bull run

The latest action means silver is still within striking distance of its recent 12-year high, with the grey metal continuing to take support from gold’s seemingly unstoppable gains. Both metals remain in favour among investors due to an environment of economic uncertainty, falling interest rates and heightened geopolitical tensions due to the conflicts in Ukraine and the Middle East.

Technical analysis

On the technical charts, silver was testing oblique minor resistance at $34.35 an ounce on Tuesday, and managed to hold at just above this level by Tuesday evening. Should silver continue to push higher, the next oblique minor resistance level is seen at $36.33 an ounce. On the downside, silver may encounter support at the 20-day moving average, currently pegged at $32.47 an ounce, followed by oblique major support at $31.24 an ounce.

Upcoming events to watch out for

Looking ahead, economic data points include GDP growth figures on Wednesday for Europe and the US, followed by Chinese manufacturing PMI figures for October overnight Thursday. The market will also pay attention to Thursday’s Euro Area inflation rate for October and the US Core PCE price index, as traders try to chart the path forward for interest rates in the coming months.