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Silver Daily Price Analysis – XAG/USD Prices Rebound on Softer Dollar, Investors Eye Upcoming GDP and PCE Data

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silver market analysis 1

Today’s rebound in silver prices to $27.3715 was driven by the continuing decline of the U.S. dollar, enhancing its appeal to international investors.

Key Points

  • Silver prices initially dipped due to a stronger U.S. dollar but recovered as the dollar weakened by 0.3%.
  • Investors are focused on upcoming U.S. GDP, unemployment claims, and core PCE data, which could significantly influence the Fed’s decisions and silver’s volatility.
  • Silver shows a bullish trend, crossing above the 200-day EMA, indicating potential for further gains.

Silver Daily Price Analysis – 25/04/2024

Yesterday, silver prices saw a slight decline, closing at $27.1750 after opening the day at $27.2985, marking a decrease of 0.38%. This downtrend was largely influenced by a marginal strength in the U.S. dollar early in the day. 

However, as the day progressed, the dollar index receded by 0.3% against a basket of major currencies, which somewhat cushioned the fall in silver prices. This fluctuation highlights how sensitive precious metals are to movements in the U.S. dollar, as they become cheaper for holders of other currencies when the dollar weakens.

Today, silver prices have rebounded, currently trading at $27.3715 after opening at $27.1985, an increase of 0.75% from yesterday’s close. The uptick is primarily attributed to the continuing decline of the U.S. dollar, making silver more appealing to international buyers.

Key Economic Data and News to Be Released Today

The focus of investors remains heavily on upcoming U.S. economic data, which includes the first-quarter GDP figures and jobless claims data set to be released later today, and the core Personal Consumption Expenditures Price Index (PCE) for March, due on Friday. These data points are critical as they could influence the Federal Reserve’s decisions in their upcoming meeting on April 30-May 1.

Silver prices may see increased volatility based on these releases. If the GDP data indicates a robust U.S. economy, it might strengthen the dollar temporarily, putting pressure on silver prices. Conversely, if the core PCE data, a key inflation measure watched by the Fed, shows a cooler inflation environment, it could lead to a weaker dollar, boosting silver prices further.

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Silver Technical Analysis – 25/04/2024

Silver’s recent performance exhibits a bullish trend, notably as it has surpassed the 200 EMA, this move shows a potential for continued upward movement.

xagusd 15m chart
XAG/USD 15M Chart – 25/04/2024

For traders considering a long position in silver, a critical factor to watch is the asset’s ability to sustain a close above the key resistance level at $17.5000. A close above this level would confirm a stronger bullish momentum and potentially set the stage for further gains. 

Silver Fibonacci Key Price Levels 25/04/2024

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


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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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