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Silver Finds Support for a Potential Double Bottom

XAGUSD: The price of silver has bounced at support after a recent downturn and further gains could be ahead.

xagusd-daily-chart

XAGUSD – Daily Chart

XAGUSD has found support at the $29.66 level which could see a rally over the next week.

Silver and gold have been sold off after reports of a ceasefire in Lebanon and the choice of investment professional Scott Bessent as U.S. Treasury Secretary. Silver suffered worse but a rebound to around $33/oz is possible according to investment bank Morgan Stanley.

Strong industrial demand from the electronics sector is another factor that could see silver outperform gold next year. Only 10% of gold is consumed by industry, while an estimated 55% of silver goes into products such as solar and photovoltaics (PVs) where demand grew by 33% last year and 64% this year. Silver has also been used in electric vehicles and semiconductors which are touted as growth sectors.

Another appeal for silver is a growing market deficit which opened five years ago and has since widened with the shortfall in fresh mine supply being met by a drawdown in above ground stocks.

Silver may be making a low here and that could be related to the tensions between Russia and western nations and could lead to a surge in the price of precious metals if there is escalation.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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