Silver prices hovered around the crucial $32.19 level on Monday, testing a significant Fibonacci retracement that may define short-term direction.
With the $32.19 level under test and $32.51 looming overhead, silver is well-positioned for an upside break if macro sentiment stays supportive and gold stabilizes above $3,100.
Source – FX EMPIRE
If we can break above $31, then it opens up a much bigger move for silver, and it is worth noting that gold looks like it’s trying to break out, but silver, as you probably know, isn’t gold.
“Gold fell sharply post-Federal Open Market Committee (FOMC) meeting as the Fed’s indication of a slower pace of interest rate cuts than previously estimated for the next year,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Silver quoted 2.47 per cent lower at USD 29.98 per ounce in the international markets.
“Investors are anticipating US weekly unemployment claims data to be released later on Thursday to assess the strength of the labour market, while focusing on the Personal Consumption Expenditures (PCE) price index data on Friday,” Abans Holdings’ Chief Executive Officer Chintan Mehta said.”
“We expect gold prices to rise further, but any delay in additional interest rate cuts could lead to short-term declines, creating opportunities for accumulation, Mehta said.”
Source – Press Trust of India
Pan American Silver has an analyst consensus of Strong Buy, with a price target consensus of $28.36, implying a 15.14% upside from current levels. In a report released on February 11, National Bank also maintained a Buy rating on the stock with a C$47.25 price target.
Source – Markets Insider
“Copper is like the second most important thing the Defense Department uses in order to make its weapons systems. And we’re in a situation now where worldwide there’s a glut of copper,” Navarro told Schmitt. “There’s a dumping of copper into our markets. And we’ve lost our ability to both smelt copper, which is taking the ore and getting the raw copper and refine it into the products we need. And it’s a serious thing.”
Source – Independent Journal Review
Gold prices edged higher on Thursday, as markets closely tracked developments in U.S. President Donald Trump’s tariff plans, which could ignite a global trade war, while investors awaited crucial U.S. data due later in the day.
Spot gold was up 0.2% at $2,908.50 per ounce, as of 0240 GMT. Bullion hit a record peak of $2,942.70 on Tuesday. U.S. gold futures firmed 0.3% to $2,936.50.
“Gold continues to serve as a key diversifier amid trade uncertainties, as market participants seek to mitigate portfolio volatility,” IG market strategist Yeap Jun Rong said.
Spot silver rose 0.2% to $32.29 per ounce, platinum gained 0.2% to $994.75 and palladium firmed 0.5% to $978.46.
Source – Reuters
Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) based in Halifax, Nova Scotia, focused on Developing Production at the El Tigre Silver Mining District in Sonora Mexico, today announced that Glenn Jessome President & CEO, will present live at the Metals and Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 13th, 2025
DATE: February 13th
TIME: 1:00pm EST
www.virtualinvestorconferences.com
Source – Markets Insider
