Silver breaks out
Silver, copper and other metals surged higher today, as the dollar fell despite a strong US jobs report.
There’s been a lot of talk that China is – finally – poised to exit its strict Covid Zero policy, a move that could kick start the slumping economy and underpin its stocks and currency. That’s how the markets have behaved today, as shares in Hong Kong and China surged higher overnight, and this has driven everything else today. European markets roared higher, along with oil. The Aussie has been a top performer, due to its close trade ties with China, rising sharply on the session despite a stronger US jobs report.
Has silver bottomed out? It has been consolidating around its long-term support in the $19 to $20 area for a few months. Today's sharp rally may be an indication that the consolidation has been resolved and the market wants to go higher.
The only thing that is holding me back from being full-on bullish on silver is rising interest rates around the world, which may not be fully priced in yet.
By Fawad Razaqzada on behalf of FOREX.com
There’s been a lot of talk that China is – finally – poised to exit its strict Covid Zero policy, a move that could kick start the slumping economy and underpin its stocks and currency. That’s how the markets have behaved today, as shares in Hong Kong and China surged higher overnight, and this has driven everything else today. European markets roared higher, along with oil. The Aussie has been a top performer, due to its close trade ties with China, rising sharply on the session despite a stronger US jobs report.
Has silver bottomed out? It has been consolidating around its long-term support in the $19 to $20 area for a few months. Today's sharp rally may be an indication that the consolidation has been resolved and the market wants to go higher.
The only thing that is holding me back from being full-on bullish on silver is rising interest rates around the world, which may not be fully priced in yet.
By Fawad Razaqzada on behalf of FOREX.com
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