Silver Stumbles, Is a Rebound in the Spotlight?
Silver prices held below $49/oz on Wednesday after plunging around 7% the previous day—the deepest daily decline since September 2011—and are now down approximately 10% from last week's record. The main trigger: massive profit-taking after a strong rally throughout the year.
The "safety" appetite for precious metals also eased as risk appetite improved. US-China tensions have eased slightly, while there are hopes the US government shutdown will end soon. President Donald Trump said he wants a favorable trade deal with China, but warned that his long-awaited meeting with Xi could fall through—keeping the market cautious.
Looking ahead, traders are focused on Friday's US inflation data for the final clues before the Fed's long-anticipated interest rate cut next week. For further direction, monitor US dollar movements, US bond yields, silver ETF inflows/outflows, and news on industrial demand (solar panels and electronics), which could act as a buffer against corrections. (az)
Source: Newsmaker.id