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Silver Daily Price Analysis – Investors Wait on Economic Data to Determine Silver’s Next Direction

  • 3 mins read ●
  • Published:
silver market analysis 1

After Silver’s price had been falling throughout the week, it suddenly made a +0.92% change yesterday. Although the market seems to want to continue the bullish momentum today, the bears are not yet done. Caught in the middle of the range, investors focus on the next high-impact news to determine their reaction.

Key Points

  • Silver caught in a tight consolidation today.
  • Investors’ eyes are on key economic data to reveal the asset’s next direction.
  • While the price action is unclear, intraday indicators suggest a moderate bullish momentum.

Silver Daily Price Analysis – 01/03/2024

This week has been a hell of a ride on the silver market. From the start of the week until yesterday, the price has consistently closed lower than the opening price, struggling under the 200 EMA.

Yesterday, however, was a different story. The day started with a prolonged consolidation; the price eventually spiked high and broke above the 200 EMA to reach a high of $22.8001 while closing at $22.6677, making it the first time in the week that the asset will close above its opening price.

silver 1h chart
Silver 1-Hour Chart – 01/03/2024

Today’s price action has equally been tricky, having dropped initially below the 200 EMA, tricking most investors into thinking the market is headed for a downtrend; the price picked up again, finding support at the daily pivot point of $22.5872 before hovering around its opening price at 22.6655.

Currently, Silver’s price is ranging; most investors still expect the price to go as high as $30 before the end of the year, but in the short-term, we might have to rely on high-impact economic data to give the asset its next direction.

Key Economic Data and News to Be Released Today

Investors are anticipating the US Federal Reserve’s interest rate decisions and are closely monitoring the ISM Manufacturing PMI (Purchasing Managers’ Index) data. Geopolitical events, especially in Eastern Europe and the Middle East, are also on the radar as they hold sway over precious metals markets.

If the PMI data released is stronger than expected, this can signal an expanding economy and may lead to a stronger dollar. Generally, a stronger dollar can weigh on commodity prices, including silver, as it makes dollar-denominated assets more expensive for holders of other currencies, potentially dampening demand. Conversely, a weaker-than-expected PMI could hint at economic softness, which could result in a weaker dollar, lifting silver prices as the metal becomes cheaper in other currencies and increasing its appeal as a safe-haven asset.

Visit our Economic Calendar

Silver Technical Analysis – 01/03/2024

Price action for the day is quite a slow one. Price is consolidating, although indicators are showing a silent bullish tendency.

silver 15m chart
Silver 15Min Chart – 01/03/2024

Price is currently trending above both the daily pivot point and the intraday 200 EMA, while the RSI is also showing us some more room for the asset to buy its way to the overbought level.

Silver Fibonacci Key Price Levels 01/03/2024

Short-term traders planning to invest in Silver today should keep a close eye on the following key price levels for the day:

SupportResistance
22.596322.7663
22.628822.7338
22.648822.7138

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.

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