Silver Prices three-week-high Silver costs edged barely decrease on Tuesday, but held close to three-week highs as a softer greenback continued to underpin treasured metals.
The March agreement for silver slipped 4 cents, or 0.3%, to $16.sixty four a troy ounce at 6:fifty two am ET. The agreement traded within a narrow range of $sixteen.58 and $sixteen.seventy five.
February gold futures had been trading near six-week highs at $1,184.20 a troy ounce, little changed from the preceding close.
Silver Prices three-week-high Silver has rallied 4% since the begin of the year as a part of a extensive correction for treasured metals. The futures charge is presently buying and selling near three-week highs, having rebounded 5.five% from the December low.
the usa greenback changed into flat in opposition to a basket of different main currencies on Tuesday after a unstable week. The dollar index held at 101.90. It turned into trading above 103.00 on the start of the yr.
In monetary facts, China’s patron fee index rose 2.1% inside the 365 days via December, slightly decrease than the two.three% stated in November, the federal records bureau suggested Tuesday. in the meantime, inflation at the manufacturing facility-gate stage reinforced to 5.5% annually, the very best when you consider that 2011.
Silver Price News Shows Upcoming Gains of 33% by Q3 2017
The biggest silver price news story last month has been that the metal managed to end 2016 in positive territory.
That’s remarkable because it’s the first time the price of silver has posted a yearly gain since 2012.
In my Dec. 23 update, I told you that silver prices had potentially bottomed. Some of the reasons I pointed to were very negative sentiment and large silver ETF outflows. Not to mention positive fundamental news suggesting lower mined silver supplies in 2016 and 2017.
Since the silver price hit a recent low of $15.76 on Dec. 23, its performance has been breathtaking. It’s been almost straight up, with silver trading near $16.55 as of Jan. 9.
This silver price news shows how the silver market is staging a turnaround that will continue throughout 2017…
At the same time, we’ve seen positive momentum in the relative strength index (RSI) and moving average convergence divergence (MACD) indicators, which reflect strength in the metals market. The two have posted gains as the silver price rapidly approaches its 50-day moving average.
And if we look at the Global X Silver Miners ETF (NYSE Arca: SIL) – a proxy for silver producers – its surge over the last two weeks (circled in green, below) has been nothing short of breathtaking…
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