{"id":141653,"date":"2024-11-11T10:42:48","date_gmt":"2024-11-11T10:42:48","guid":{"rendered":"https:\/\/kinesis.money\/?p=141653"},"modified":"2024-11-11T10:42:51","modified_gmt":"2024-11-11T10:42:51","slug":"silver-ends-week-down","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/silver-news\/silver-ends-week-down\/","title":{"rendered":"Silver Price News: Silver Ends Week Down By 3.6%"},"content":{"rendered":"\n

Silver prices<\/a> edged lower on Friday, following softer gold prices, as the precious metals markets were more subdued after a bout of mid-week volatility.<\/p>\n\n\n\n

Prices eased as low as $31.23 an ounce on Friday, down from around $32.05 an ounce in late deals on Thursday.<\/p>\n\n\n

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\"silver
Silver KAG\/USD – 1hr view – Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

Both gold and silver prices fell sharply on Wednesday after the uncertainty of the US election result passed following a win by Republican nominee Donald Trump. Silver fell as low as $30.87 an ounce on Wednesday. The grey metal managed a modest rebound on Thursday but this quickly ebbed away on Friday, leaving prices lower day-on-day, and down about 3.6% over the week as a whole.<\/p>\n\n\n\n

Dollar strengthens after US election, Fed cuts rates<\/h2>\n\n\n\n

The US dollar strengthened against other major currencies following the US election result, which naturally put downward pressure on dollar-denominated gold and silver prices in the second half of the week.<\/p>\n\n\n\n

Thursday saw a modest rebound in silver prices after the US Fed cut interest rates by 25 basis points \u2013 a bullish factor for non-interest-bearing assets like precious metals. However, the Fed\u2019s move was widely expected and likely fully priced into the market in advance, meaning any gains were limited.<\/p>\n\n\n\n

Technical analysis<\/h2>\n\n\n\n

On the technical charts, silver\u2019s recent losses have pushed the metal down below oblique major support at $31.88 an ounce as of Friday, and well below the 20-day moving average at $32.81 an ounce. This suggests silver\u2019s three-month bullish trend channel may have broken. A Fibonacci retracement analysis based on the August to October bull run for silver suggests tentative support at the 50% retracement area at $30.69 an ounce. That said, silver\u2019s willingness to hold up above the $31.00 an ounce figure last week indicates a degree of stability may have been found. Eyes will be on this level in the short term to see if a supportive base can be confirmed.<\/p>\n\n\n\n

Upcoming data to watch out for<\/h2>\n\n\n\n

Monday is looking thin on economic data releases and the markets will be watching out for Tuesday\u2019s Indian industrial production and manufacturing production figures for September. August\u2019s figures were particularly weak, so a rebound in September would indicate stronger industrial demand in India \u2013 one of the world\u2019s largest consumers of silver. Beyond that, eyes will be on Wednesday\u2019s US inflation figures for the latest signals on the outlook for monetary policy by the US Fed.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience<\/a> 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 edged lower on Friday, following softer gold prices, as the precious metals markets were more subdued after a bout of mid-week volatility. Prices eased as low as $31.23 an ounce on Friday, down from around $32.05 an ounce in late deals on Thursday. Both gold and silver prices fell sharply on Wednesday after […]<\/p>\n","protected":false},"author":50,"featured_media":141699,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[214],"tags":[],"class_list":["post-141653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-silver-news"],"acf":[],"yoast_head":"\nSilver Price News: Silver Ends Week Down By 3.6% - Kinesis<\/title>\n<meta name=\"description\" content=\"Silver prices were down 3.6% overall last week, after the election result. That said, silver held up at $31 an ounce, suggesting a degree of technical stability. 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