Rudy Freno
Is The Price Of Silver Going Up Or Down – Last month’s price analysis showed that gold is caught between long-term support and resistance. He emphasized:
A $1,700 retracement is a positive turn, especially given the explosive nature of the move. That said, $1,800 has proven to be a tougher hurdle to keep above. At $1,750, it sits in the middle of what used to be very solid support and solid resistance. Running over affects the snowball.
Is The Price Of Silver Going Up Or Down
Despite a very neutral analysis last month, this month’s data showed positive momentum. Let’s take a closer look at the data.
Silver Rallies 7% Rising Past $20 Per Ounce, Us Mint Says Fabricators Are ‘struggling To Keep Up With Demand’
Gold has a long-standing relationship with $1,800. It gets stuck, gets dragged a few times, and finally breaks. Inevitably, something will trigger a sell-off and push gold below $1,800 and the process will begin again. As the Fed is in a contraction period, there is less and less reason to sell gold. A subsequent strong move above $1,800 could eventually lead to a market above $2,000.
The week ahead ended at $1804 from $1800, with the spot market below $1798.50. The cooling spring hardens.
Silver finally reached $22 and is rising very fast. This is a golden high, which is a good sign for both metals.
While gold hasn’t technically formed a gold cross yet, it appears to be on its way. The price ended the week above the 200 DMA ($1793) and the 50 DMA ($1738). 50 DMA is rising fast. It’s too early to shake off all the obvious signs, and we’re getting closer. Expect some turbulence until the Gold Cross is made official.
Massive Support Coming Up For The Silver Price
Silver made a gold cross yesterday. The current price is $23.92, dragging the 50 DMA ($21.38) above the 200 DMA ($21.30). Silver has broken out several times in recent years and is likely to be limited next week due to the holiday season. That said, given strong physical demand for the metal in 2022, silver could start the year with a breakout in 2023.
It’s a little early to be too high, but it could be when it turns silver
Open rates are near multi-year lows, but prices have held up well. The last open interest period is getting longer. The shorts are closed, but that still leaves plenty of empty powder from the side extensions for thrilling dynamic jumps.
One thing that would prevent a real breakout in gold would be the CFTC raising interest rates and controlling prices. It may be short-lived. If physical demand continues, the CFTC can increase yield to 100% without slowing down the freight train.
Silver Price Analysis: Xag/usd Tides Could Be Turning Despite Nfp
Silver is in the same position as gold, with returns on open rates at record lows.
Gold miners have driven the price of gold in both directions for years. The current miner action is stronger than when gold reached $1,800 in August. The sector is highly traded and the strong growth of the ratio is a positive development. This means that traders expect prices to continue to rise.
Similar to the $1,800 barrier for gold, GDX faces the same barrier at $30. Despite all the leadership from the Fed, the metals and miners are holding up well. If GDX goes above $30, it could be a big move. Until then…
Looking at the long-term horizon, we see how badly miners have underperformed gold over the last decade. This suggests that traders have never confidently bought gold momentum and that the expected price increase will be short-lived. When the trend reverses, gold starts flying higher fueled by the bullish trend.
Silver Prices Could More Than Double, But Patience Is Needed
Love or hate traders/speculators in the paper futures market, but their impact on prices cannot be underestimated. More activity in the charts below tends to push prices up.
Both metals are slightly higher than recent lows. Next week could be lower volume. If volume picks up in January, that will help prices rise. A decline in volume is unlikely, especially as the recession is evident.
Price movements are caused by activity in the Treasury market or the US dollar exchange rate. A major rally in gold is often accompanied by a drop in US debt (Treasury prices) or a fall in the dollar.
After rising until September this year, the dollar finally fell. DXY reached $114 but has since fallen below $105. The dollar is struggling to stabilize after a sharp decline from recent highs.
Silver Prices Fall Back To Key Trend Support
Bond yields face their own challenges, with long-term interest rates outpacing short-term interest rates. This has led to the most inverted yield curve in decades.
The market will enter a severe recession in 2023, which will lower interest rates. The Federal Reserve has promised to raise interest rates through 2023, but the market is unlikely to do so. This allows the dollar to fall and gold to rise.
Since breaking 96 in September, the gold/silver ratio has steadily declined. He is now 75 and getting fitter, but still has plenty of room to fall.
The table below provides a snapshot of the trends for the above plans. It compares the current values ​​with a month, a year and three years ago. It also looks at daily averages of 50 and 200. While the DMA is usually calculated only for price, the DMA of other variables can show where the current value is relative to recent history.
Tips For Selling Your Junk Silver Coins For The Right Price
At the close, a week before Christmas, gold is once again hovering around $1,800, with no price to break through despite numerous attempts. He also doesn’t like to stray too far from the fence. The same happened until gold broke in 2021 (just pushed back).
The difference this time: first it charges instead of removing the silver lining. Second, the metal is also on a bullish background for the Fed. By 2021, the Fed hadn’t stepped in with growth, and now the Fed is playing the wrong game to convince everyone that Powell = Volcker. In 2023, the Fed will force the Fed to show its cards.
They’ve done enough in 2022 to say, “We’ve proven we can fight inflation, but this emergency situation requires us to ease policy.” The problem is that the market will believe them and the central bank will eventually realize that they are the reason for raising interest rates and the reason for lowering interest rates to deal with the emergency they created.
The shorts are playing with fire as they show strong price increases in 2023.
Gold Silver Price Today, November 29: Gold Rates Go Down The Hill, While Silver Prices Stay Constant
Data source: Risk Management Futures and Options Trading – fmpcloud.io for CME Group and DXY index data
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If you have an ad blocker enabled, you may not be able to continue. Disable and update your ad blocker. At the beginning of July I told you that silver had taken a hit. Since then, silver prices have risen from $18.01 to $22.36 an ounce.
During this period, silver prices rose 7% on July 21 and 5% on July 22. These are silver’s biggest daily gains since 2008.
Why Is The Price Of Gold Going Up?
There have been 3,271 trading days since 2008. In those days, the price of silver only increased by 36%. The rest of the time, prices fall or move sideways.
Three of the four major silver price increases occurred in 2008. The fourth in 2020:
The surprising thing about this list is that while 2008 had three days in the top four, 2020 already has one (two if you make it to the top five). There are many more.
As you can see in the chart below, silver prices today are less than half their 2011 highs.
Silver Price Archives
The all-time high was $48.44, set on April 28, 2011. Silver must rise 117% to reach its previous high.
It is different
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