Silver

There's nothing quite like a volatile whipsaw to snap traders out of a lull, and that is exactly what we saw on gold and silver prices on Thursday, during a day of heavy losses. While I suspect price action to remain choppy, I also think they'll grind lower from here.

Gold is testing critical resistance, silver continues to climb after breaking its downtrend, and bitcoin consolidates before another potential surge. With technical and momentum signals aligning, could the stage be set for a decisive breakout across these assets?

USDJPY, Silver Forecast: As the final BOJ meeting for 2024 approaches, combined with holiday season trends, the Yen and Silver are poised for potential bullish rebounds. However, the strength of the Dollar rally remains in question.

Silver is caught in a tight squeeze between uptrend support and downtrend resistance, with November payrolls ready to shake things up. A breakout looms, but will it shine or slide?

Silver prices have put in a strong bounce this week following last Friday’s hold of higher-low support at a key spot on the chart.

Can silver and copper hold their ground, or are sharper declines on the horizon? The price action suggests a resumption of the bearish trend could be in the cards.

Gold and silver prices are bouncing back, fuelled by easing pressure from lower US Treasury yields and a softer US dollar. But can the move build into something greater? Here’s what’s driving the price action and the setups worth watching.

Silver prices sold off quickly after a failed breakout at 35. But last week’s test at the psychological level of 30 has so far helped bulls to get back into the matter and silver prices now have bullish short-term price action.

Silver prices have stalled near multi-year highs with the bulls vulnerable into major resistance. Battle lines drawn on the XAG/USD weekly technical chart.

A stronger US dollar and higher US interest rates usually create headwinds for precious metals given they are priced in USD and offer no yield for holders, but not in 2024. Even as the greenback and US rates have ratchetted higher, gold and silver have surged, hitting record and 12-year highs respectively. If traditional negatives are no longer proving influential, what could potentially derail the rally?

USDJPY Forecast: Safe-haven assets are gaining traction, with the US Dollar Index surging above the 104-mark, USDJPY above 150, and silver reaching 12-year highs.

While central banks have been patting themselves on the backs for beating inflation, markets don’t seem too sure about that, and the move in silver as longer-dated US yields are surging suggests that the fight with inflation may not yet be over.

USDJPY, Silver Forecast: As the U.S. dollar strengthens and uncertainty persists around monetary policies, elections, and geopolitical tensions, both USDJPY and Silver are proceeding through the third week of October on a positive note.

Iron ore, copper and silver, along with the Australian dollar, were among the markets hardest hit by China’s latest stimulus announcement, falling heavily as it became clear the objective of policymakers is to stablise growth, not see it accelerate meaningfully as seen in other state interventions of the past. The “bazooka” many headlines and bullish narratives were based upon ended up being yet another peashooter.

Gold and silver are coiling up beneath the recent highs. While convention suggests breakout risks are on the upside, the threat of a large-scale reduction in Fed rate cut bets looms large, placing emphasis on incoming US payrolls, ISM services data to drive direction.

Silver looks to be a direct play on near-term US interest rate pricing and how that’s feeding into expectations for inflation in the future. With a lengthy list of Federal Reserve speakers coming up later Thursday, including Chair Jerome Powell, could this be the day silver busts to fresh multi-decade highs?

USDJPY, Silver Analysis: After the Fed’s 50-bps rate cut and the BOJ's rate hold, the US Dollar Index (DXY) stabilized above December 2023 lows, supporting a rebound in USDJPY and a continued bullish trend for silver amid rising geopolitical tensions.