Menu
| Procure investment-grade 1kg gold bars at spot +0.25%. Enquire within. |
| Procure investment-grade 1kg gold bars at spot +0.25%. Enquire within. |
The surge in precious metals continued into the second half of 2024, with Silver leading the charge by closing its best week since April 5th, marking a remarkable 7.2% increase to reach $31.69 per ounce on the COMEX. This impressive performance follows a substantial 27% rise in the first half of the year.
Similar story in China, where the metal settled at 8094 Yuan per Kg or $34.60 per ounce on the Shanghai Futures Exchange, closing the week 4.6% higher.
Soft US economic data gave a notable boost to the metal this week, hinting at potential Federal Reserve rate cuts in response to economic uncertainties. After flirting multiple times with its put wall at 29.5 earlier in the week, Silver showed resilience by bouncing off and steadily grinding higher, demonstrating its resilience and investor confidence amidst fluctuating market conditions.
As long as the metal trades above 29/29.5, the trend remains firmly bullish, prompting traders to accumulate bullish bets in anticipation of sustained upward momentum. This support level not only reinforces investor confidence but also underscores the market’s resilience to potential downside pressures.
Download the report with the full charts and supporting information and commentary from our renown InProved financial analysts.
About Us
Information
Individual Solutions
Commercial Solutions
Whatsapp +65 8899 3720
support@inproved.com
