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Asset Watch
Wednesday, 27 November 2024
The USD weakened following an initial boost from President Trump’s announcement of tariffs on China, Canada, and Mexico. Meanwhile, Federal Reserve officials signaled broad support for a cautious approach to future interest rate cuts, citing a solid economy and gradually cooling inflation, according to minutes from their latest policy meeting.
Looking ahead, markets are focused on today’s release of U.S. Gross Domestic Product (GDP) data. GDP growth is expected to slow from 3% in the second quarter to 2.8% in the third. Additionally, attention will turn to October’s U.S. Personal Consumption Expenditure (PCE) data. Along with the upcoming U.S. non-farm payroll report, these indicators will play a crucial role in shaping expectations for the Federal Open Market Committee’s (FOMC) December meeting.
Notably, investors have not fully priced in a 25-basis-point rate cut. As a result, any unexpected rate cut could weigh on the U.S. dollar and potentially boost precious metals like silver.
Chart Source: ADSS Platform
On November 7, silver prices closed below the 50-day simple moving average, signalling the start of a downward trend characterized by lower highs and higher lows. Early this week, the price broke below the bullish trendline that originated from the August 7 low of 26.45, generating an additional bearish signal.
Furthermore, the price has twice failed to break above the high end of the current trading zone located between 31.54 and 28.45 therefore, a break below the November 14 low likely opens the door for a decline towards the low end of the current trading zone. Conversely, a daily close above the high end of the mentioned zone could trigger a rally towards 35.40. In this scenario, the resistance levels at 32.65 and 34.40 should be kept in focus.
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