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Silver Daily Price Analysis – XAG/USD Edges Higher Despite Dollar Strength, Eyes on Key Economic Data

  • 3 mins read ●
  • Published:
silver market analysis 2

Key economic data, including U.S. jobless claims, is expected today, which could impact silver prices, while next week’s CPI data will provide insights into potential Federal Reserve policy shifts.

Key Points

  • Silver price rose to $27.641 today, gaining 1.11% despite the robust dollar’s pressure.
  • Geopolitical tensions, particularly in Gaza, have reinforced silver’s role as a safe-haven asset.
  • Market analysts predict silver could reach $30 by year-end, supported by industrial demand and its inflation hedge role.

Silver Daily Price Analysis – 09/05/2024

Yesterday, Silver prices closed the day slightly higher at $27.337 after opening at $27.24350, marking a modest gain of 0.34%. This upward movement was somewhat restrained by the strengthening U.S. dollar, fueled by the anticipation that the Federal Reserve would maintain higher interest rates. This expectation was reinforced by comments from Federal Reserve officials such as Susan Collins from Boston and John Williams from New York, emphasizing the ongoing challenge of bringing inflation down to the central bank’s 2% target.

Today, Silver opened at $27.337 and has seen a more notable increase, trading around $27.64100, showing a stronger gain of 1.11% so far. The day’s price movement indicates an early strength in the silver market despite potential pressure from a robust U.S. dollar and mixed sentiments regarding future economic policies​.

Despite the downward pressure from a strong U.S. dollar, Silver’s role as a safe-haven asset continues to be underscored by ongoing geopolitical tensions, notably the conflict in Gaza. Such geopolitical unrest tends to increase the demand for safe-haven assets like silver, providing a floor to potential price declines. Additionally, the demand for silver is increasing as a result of the booming solar power industry

In the longer term, some market analysts maintain a bullish outlook on Silver, projecting a potential rise to $30 by the fourth quarter, supported by ongoing industrial demand and investment flows into precious metals as a hedge against inflation and currency devaluation.

Key Economic Data and News to Be Released Today

The upcoming release of the U.S. weekly jobless claims could further influence silver prices today. Any deviations in the jobless claims could sway market sentiments, impacting the commodity’s volatility throughout the day.

Next week, the consumer price index (CPI) data will be released, potentially providing further clues on the inflation trajectory and influencing the Federal Reserve’s monetary policy decisions. 

Visit our Economic Calendar

Silver Technical Analysis – 09/05/2024

From a technical analysis perspective, silver is currently bullish, sitting comfortably above the 200-day EMA, indicating a sustained upward trend. The RSI is aligned with this positive momentum, suggesting there’s still room for upward movement without hitting overbought levels.

silver 15m chart
XAG/USD 15M Chart – 09/05/2024

Traders eyeing further gains should watch the 27.900 level closely as a potential target for taking profits or managing pullbacks.

Silver Fibonacci Key Price Levels 09/05/2024

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

SupportResistance
27.09627.456
26.98527.567
26.80527.746

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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