Silver Trading | Silver’s Bullish Run: Is There More to Come?

Silver Trading | Silver's Bullish Run: Is There More to Come?

Silver prices were able to gain over one percent on Friday as per the latest Silver Trading session. The bullions prices found support after the US dollar weakened sharply following the US jobs report. Adding to this, the US Federal Reserve kept borrowing costs on hold for the second time to balance a sluggish fall in inflation against a forthcoming slowdown also supported the sentiment.

 The US jobs report showed the country’s unemployment rate edged up to a 21-month high at 3.9% from 3.8%. Non Farm Employment Change stood weaker than expected at 150k from the previous 297k, forecast was at 178k.  The recent data coupled with less hawkish signals from the Fed spurred deep declines in the dollar and Treasury yields.

Elsewhere, the European Central Bank appeared to have completed its rate hikes, raising the outlook for non yielding instruments. On the other hand, the worries over the Middle East conflict faded and took away the support of the metal as a safe haven asset in latest silver trading session.

Silver Trading | Technical Outlook:

Silver prices witnessed 1.20% intraday gain on Friday. That was the biggest gain after 30 October 2023. Prices made a low of 70971 and settled at 72252.00.

Today, prices traded in neutral mode at 72254 almost flat.

On the above chart, prices are trading under a short term pennant, that could give a bullish breakout in the near future. Further, since 17 October 2023, prices consolidating above 70500 levels and facing the resistance around 72350.00. Hence, a break above it appears to push prices nearly 1.5%-2.5% in near future.

A fresh buy could expect above 72350 for upside target 73050-73800.  Alternatively, any dip towards 71600-71500 could attract buying activities.

On the downside, crucial support is seen at 70500 and a closing below only will change the direction. And prices may retreat towards 69800-68950-68200 levels.

Commodity Samachar
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