As Silver prices continue to navigate through modest gains, all eyes are on the imminent release of critical U.S. economic data today. The anticipation surrounding these releases is set to play a pivotal role in shaping the market’s direction.
Key Points
- Yesterday’s close saw a +0.64% rise, continuing into today with a +0.65% gain from the opening.
- Releases of three high-impact economic data are highly anticipated for their potential impact on Silver prices.
- Current trading hovers around crucial resistance and support levels.
Silver Daily Price Analysis – 08/03/2024
Yesterday, Silver prices experienced a modest uptick, closing the day at $24.3166, representing a +0.64% change from the open price of $24.1639. The asset witnessed some volatility, with prices reaching a high of $24.5155 and dipping to a low of $24.0005 during the trading session. This movement underscores a bullish sentiment in the market, possibly driven by investors seeking safe-haven assets amid uncertainties in other markets or speculative trades based on anticipated economic data releases.
As for today, Silver has continued on a positive trajectory, with the current price at $24.4835, marking a +0.65% change from the opening price of $24.3945. The day’s trading has seen prices fluctuate between a high of $24.5505 and a low of $24.2485. This continued upward movement could be attributed to early market reactions to overnight news or anticipation of high-impact economic data releases expected later in the day.
Key Economic Data and News to Be Released Today
The release of high-impact economic data, including Average Hourly Earnings month-over-month, Non-Farm Employment Change, and the Unemployment Rate could significantly influence today’s trading session. These indicators are pivotal as they provide insights into the health of the U.S. economy, influencing the Federal Reserve’s monetary policy decisions.
For example, a higher-than-expected increase in average hourly earnings data could signal rising inflationary pressures, potentially leading to a stronger dollar. Historically, precious metals like Silver tend to move inversely to the U.S. dollar. However, concerns over inflation could drive some investors toward Silver as a hedge.
Silver Technical Analysis – 08/03/2024
Looking at the Silver chart from a technical perspective shows that the metal is still heavily bullish despite hovering around a key resistance level.
Silver prices are currently trending above the intraday 200 EMA, while a glance at the RSI suggests that the metal price can still go higher. However, with high-impact news around the corner, it’s important to pay attention to how price reacts to the nearest key levels.
Silver Fibonacci Key Price Levels 08/03/2024
Short-term traders planning to invest in Silver today should keep a close eye on the following key price levels for the day:
| Support | Resistance |
| 24.4348 | 24.5094 |
| 24.4554 | 24.5222 |
| 24.4682 | 24.5428 |
Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.
