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Silver experiences sudden big moves! The price of silver rises sharply and approaches a key level. The FXStreet analyst's latest technical analysis on silver.
At the early trading session in Asia on Thursday, spot silver suddenly rose significantly in the short term, and the silver price is approaching the $30/ounce mark. FXStreet analyst Christian Borjon Valencia pointed out that the current target for silver is to break through the $30/ounce mark, then aim for key resistances at $30.25/ounce and $31.54/ounce.
Gold, silver, and platinum forecast - the market lacks catalysts, gold's trend is flat, silver has significant growth, and platinum continues to rebound.
Traders are waiting for a catalyst, with gold closing around $2,330; as the gold/silver ratio falls below 78.50, silver prices are moving towards the $30.00 level; platinum continues to attempt to break through resistance levels of $975-$985.
Shengbao banks predict that gold and silver will go through long-term consolidation but prices will ultimately rise.
Despite gold and silver hovering at high levels, Ole Hansen, the head of commodity strategy at Saxo Bank, remains bullish on the long-term trend of metals.
Global central banks are keen on buying gold! The willingness to increase holdings has reached a five-year high, Goldman Sachs is bullish on the gold price reaching $2,700.
According to the survey results, Central banks of various countries increased their gold reserves by 1,037 tons in 2023, the second highest annual purchase volume in history. Previously, the record was set in 2022, which purchased 1,082 tons of gold.
Gold, silver, and platinum forecast - with the decline in government bond yields, metals rebound.
The gold price continues to consolidate above the support level of 2295-2305 US dollars; silver is attempting to break through the level of 29.50 US dollars. Platinum is testing the resistance level at 975-985 US dollars.
Express News | Gold is the best tool to hedge against inflation risks related to the US elections, according to Goldman Sachs analysts.