{"id":124265,"date":"2024-05-31T08:00:00","date_gmt":"2024-05-31T08:00:00","guid":{"rendered":"https:\/\/kinesis.money\/?p=124265"},"modified":"2024-05-31T09:09:13","modified_gmt":"2024-05-31T09:09:13","slug":"silver-slumps-back-below-31-50-us-dollars","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pl\/market-analysis\/silver-slumps-back-below-31-50-us-dollars\/","title":{"rendered":"Silver Price News: Silver Slumps Back Below $31.50"},"content":{"rendered":"\n

Silver prices fell on Thursday, dropping back below the $31.50 an ounce mark, and giving up some of the sharp gains seen at the start of the week.<\/p>\n\n\n\n

Prices fell as low as $31.14 an ounce by Thursday evening, compared with around $32.00 an ounce in late deals on Wednesday.<\/p>\n\n\n\n

Silver had staged a dramatic rally on Monday and Tuesday, briefly hitting a fresh 11-year high of $32.70 an ounce. The latest gains appeared to attract some profit-taking on Thursday, pushing prices lower.<\/p>\n\n\n\n

On the technical charts, the price action for silver in the second half of May has begun to resemble a \u2018double top\u2019 formation, and this is usually interpreted by traders as a bearish signal, as it implies that a recent upward trend has slowed down, making a downward reversal more likely in the short-term.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Should the price of the grey metal fall further in the coming days, the markets will be watching the $31.00 an ounce psychological support level, followed by the recent low of around $30.10 seen on May 24, to see if trend line support will kick in.<\/p>\n\n\n\n

Conversely, any convincing push back up through the $32.00 an ounce level would nullify the double top formation, potentially clearing the way for further gains.<\/p>\n\n\n\n

Looking ahead, the markets will be watching out for Friday\u2019s Euro Area inflation figures for May, followed by the US Core PCE Price Index for April, for a handle on inflation levels and expected monetary policy changes by central banks in the coming months.<\/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\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>
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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 fell on Thursday, dropping back below the $31.50 an ounce mark, and giving up some of the sharp gains seen at the start of the week.<\/p>\n","protected":false},"author":50,"featured_media":124305,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[91,214],"tags":[],"class_list":["post-124265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-silver-news"],"acf":[],"yoast_head":"\nSilver Slumps Back Below $31.50 | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver news analysis for today, Friday 31st of May 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=\"pl_PL\" \/>\n<meta property=\"og:type\" 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