Account
New to ADSS? Open an
account now to get started.
Already have an account?
Add funds to your ADSS account
Account
New to ADSS? Open an
account now to get started.
Add funds to your ADSS account
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.
ADSS
8th floor, CI Tower
Corniche Road
PO Box 93894
Abu Dhabi
United Arab Emirates
Trading Services
ts@adss.com
+971 2 657 2414
Investing in CFDs involves a high degree of risk that you will lose your money due to the use of leverage, particularly in fast moving markets, where a relatively small movement in the price can lead to a proportionately larger movement in the value of your investment. This can result in loses that exceed the funds in your account. You should consider whether you understand how CFDs work and you should seek independent advice if necessary.
ADS Securities L.L.C – S.P.C (“ADSS”), a limited liability company – sole proprietorship company incorporated under United Arab Emirates law. Registered under Commercial License No.1190047. ADS Securities L.L.C S.P.C is regulated and authorised in the UAE by the Capital Market Authority (CMA) under Category 1 License No.305027 (Trading Broker, Trading and Clearing Broker, Trading Broker in the International Markets, Trading Broker of OTC Derivatives and Currencies in the Spot Market, Financial Products Dealer) and Category 5 License No.20200000217 (Introduction). Registered Office: 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.
The information presented is not directed at residents of any particular country outside the United Arab Emirates and is not intended for distribution to, or use by, any person in any country where the distribution or use is contrary to local law or regulation.
ADSS is an execution only service provider and does not provide advice. ADSS may publish general market commentary from time to time. Where it does, the material published does not constitute advice, or a solicitation, or a recommendation to a transaction in any financial instrument. ADSS accepts no responsibility for any use of the content presented and any consequences of that use. No representation or warranty is given as to the completeness of this information. Anyone acting on the information provided does so at their own risk.
