{"id":129431,"date":"2024-08-19T10:50:33","date_gmt":"2024-08-19T10:50:33","guid":{"rendered":"https:\/\/kinesis.money\/?p=129431"},"modified":"2024-08-19T10:50:33","modified_gmt":"2024-08-19T10:50:33","slug":"silver-shrugs-off-resistance","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/silver-news\/silver-shrugs-off-resistance\/","title":{"rendered":"Silver Price News: Silver Shrugs Off Resistance"},"content":{"rendered":"\n

Silver enjoyed a positive end to the week, gaining over 5% and closing above $29\/oz for the first time this month. However, it remains over 10% below its multi-year high on 20 May against uncertain growth prospects. Today\u2019s open sees it slightly softer, just below $29\/oz<\/a>.<\/p>\n\n\n\n

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

Silver\u2019s recent performance was helped by news that China\u2019s industrial production slowed by less than expected in July, though data also suggested that US industrial production in July was unexpectedly weak. Looking forward to the early part of this week, Japan Machinery Order data today and Tuesday\u2019s China key rate setting period might also be of interest to silver investors.<\/p>\n\n\n\n

The most recent CFTC Commitments of Traders (CoT) report published late on Friday indicates that silver speculators continued to cut net long futures positions. These are now c. 26% below the 53-month high recorded on 19 July and current levels constitute the lowest net long since late March. However, physical silver ETFs\/ETCs show little net inflow or outflows in recent days.<\/p>\n\n\n\n

Technical analysis suggests that silver has overcome key resistance levels in recent trading, despite a challenging setup. Major oblique descending support at $27.88\/oz and a flattening 20-day Simple Moving Average at $28.10\/oz were decisively overcome on 15 August. On 16 August silver further advanced beyond major horizontal resistance at $28.59. These now present as major descending oblique support at $27.84\/oz, a 20-day Simple Moving Average at $28.08\/oz and major horizontal support at $28.59\/oz. Momentum has now turned positive on both the RSI and MACD.<\/p>\n\n\n\n

Silver is currently trading close to the 50% Fibonacci retracement of the 11 July \u2013 7 August high\/low at $29.10\/oz and a flat 50-dat Simple Moving Average at $29.19\/oz. Further major horizontal resistance remains at both $29.77\/oz and $32.06\/oz and descending major oblique resistance at $31.26.<\/p>\n\n\n\t\t\t

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Mike<\/a> 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 enjoyed a positive end to the week, gaining over 5% and closing above $29\/oz for the first time this month. However, it remains over 10% below its multi-year high on 20 May against uncertain growth prospects. Today\u2019s open sees it slightly softer, just below $29\/oz.<\/p>\n","protected":false},"author":51,"featured_media":129463,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[91,214],"tags":[],"class_list":["post-129431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-silver-news"],"acf":[],"yoast_head":"\nSilver Shrugs Off Resistance | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver news analysis for today, Monday 19th of August 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=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver Shrugs Off Resistance\" 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